Poland - High wage growth in December
The average gross monthly wage in the enterprise sector amounted to PLN 3,028 (approximately €795) in December, which is 8.5% higher than during the corresponding month of 2005, GUS reported. The market had expected a slower growth rate, i.e. in the region of 5.7% year on year.
During the last dozen or so months, wage growth in enterprises has oscillated around 5% year on year. The higher wage growth in December (just as was the case with the relatively lower growth rate in November) was, to a great extent, a statistical effect caused by the fact that bonuses in the mining sector were paid out according to a different timetable in 2006 than in 2005.
In 2006 as a whole the average gross monthly wage in the enterprise sector was 5.1% higher than a year earlier. We expect the high wage growth to continue in the coming months. In our opinion, wage growth should be in the region of 6% in 2007 thanks to continuing rapid economic growth, healthy financial condition of enterprises, falling unemployment and the strong outflow of labour abroad.
