Report: Poles are exiting the pandemic with higher wages and savings

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The latest data concerning wages, savings and industrial production for March 2021 released by Statistics Poland (GUS) has positively surprised experts and analysts, who are saying that industrial production in particular has exceeded their wildest expectations.

The data for March for Polish industry is much better than any forecasts and the best in Polish history. In March 2021 industrial production grew by 18.9 percent on a year-to-year basis and by 18.6 percent compared to February 2021. Even better results are now expected for April 2021.

What’s more, one of the banks, mBank, has described wages, which increased the 8 percent year-to-year in March, as “skyrocketing”, with average salaries in this month have amounted to more than 5,900 PLN gross (ca. €1,300).

The head of the Polish Development Fund Paweł Borys stated that Poles are exiting the pandemic with higher wages and savings. He emphasized that this is the result of the positive condition of the Polish economy.

“Great data concerning a rise in wages. We are facing a few months of high dynamic annual growth of economic indexes. This is the result of the Polish economy’s good condition and the passing of a year since the difficult second quarter of 2020. Poles are leaving the pandemic with higher wages and savings,” he wrote on social media. 

(Editor’s note: PKO Research GIF graphic shows red line equals wage index while the blue line equals inflation index).

According to Borys, “despite higher inflation, the growth of the real wage fund connected with the gathering of additional savings in households during the pandemic is driving a wave of optimism following the pandemic’s withdrawal and a return to normal activity. We may see a boom in consumption starting June and in the third quarter of 2021.”

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