Poland's retail sales growth remains stable

Poland's retail sales growth is expected to remain unchanged on a year-on-year basis in September following a -0.3% drop in August. In monthly terms, the level is likely to have decreased by - 0.6%. 

"The retail sales were mainly driven by food, car sales and specialised store sales. Meanwhile, fuel sales will probably have remained negative on the back of lower prices", argues Societe Generale.

Recent SAMAR data on car registrations is positive as growth remained stable at 16.0% yoy in September, compared to 16.2% in August. 

"Over the coming months, consumer spending should be supported by both a lack of inflationary pressure and real disposable income growth. In real terms, retail sales growth in September should amount to 2.0% yoy", says Societe Generale.