In the fourth quarter of 2012, average wages rose moderately. However, the real income fell for the first time since 1993.
According to the Polish Central Statistical Office, the
average gross wages grew by 2.9% in the fourth quarter compared to the
reference period of 2011. In 2012, the average wage increase came at
3.6%. In 2012, Poland´s inflation rate has reached 3.8%. As a result,
real income was down slightly. Last year was the first since 1993 in
which Poland has recorded a decrease in real income.
The declining real income is mainly based on the relatively weak
economic growth rates and the increasing unemployment. As a result,
consumption is stagnating. This year, the expected economic growth for
Poland is 1.5%. In order to stop the economic slowdown, Poland´s
National Bank (NBP) has cut the interest rate four times in a row.
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