The latest data for March indicate a sharp acceleration in industrial production and record levels of wages, which provide solid grounds for optimism for the coming quarters.
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Tuesday's data from the Central Statistical Office (GUS) brought a positive surprise. Industrial production increased by 9.4% in March. compared to the same period last year. This is a dynamic that we have not observed in the Polish industry for four years. These results were commented by the head of the Ministry of Finance and Economy, Andrzej Domański, emphasizing that this is happening in the shadow of global perturbations.
Resistance to global turmoil
Minister Domański, sharing his assessment on the X platform, drew attention to the contrast between the difficult international situation and the condition of the domestic market.
“Global tensions are rising, oil prices are raging, and the Polish economy… is accelerating. Industrial production increased by 9.4% in March. y/y – fastest in four years!“- wrote the minister.
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He noted that these great results are achieved in the conditions of an “unfavorable external environment”, which is defined primarily by growing geopolitical tensions and high volatility in the prices of energy raw materials, including crude oil.
Poles' wallets and the construction “thaw”
Equally important signals come from the labor market. Data from the Central Statistical Office show that the average salary in March increased by 6.6 percent year to year. Andrzej Domański described the situation briefly: “average salary at record levels”. Growing population incomes are currently one of the pillars driving internal demand.
Positive signals are also coming from construction sites. Although the construction and assembly industry recorded a slight decline over the year (by 2.1% after eliminating seasonal factors), the monthly data herald a breakthrough.
“We end the winter stagnation in construction with a rebound of 6.2%. m/m” – pointed out Minister Domański, referring to the increase in construction activity compared to February this year.
