Salaries in the Polish economy are likely to increase by 10.8 per cent on average this year and by 9.4 per cent in 2023, according to a central bank official.
“However, in real terms, salaries will go down,” Jacek Kotlowski, the deputy director of the National Bank of Poland’s analyses and economic research department, told reporters on Tuesday.
Having admitted that salaries went up by 13-14 per cent in the manufacturing sector, Kotlowski said that increases in the entire economy were much slower.
According to the NBP, salaries grew by 9.7 per cent in the first quarter of the year, and by around 10.7 per cent in the second quarter.
Kotlowski said that there were stronger signs confirming that the demand for labour had been growing at a slower pace, and added that, according to the stats office, the employment growth rate fell by 2.4 per cent in May while the average salary in enterprises was below market expectations.
“This can suggest that salary pressure cannot grow so fast… It seems that we have nearly reached the labour demand peak,” he said.
“In light of the economic slowdown, this demand will likely start to weaken,” Kotlowski concluded.