Bloomberg News

Polish Retail Sales Unexpectedly Accelerate for Second Month

October 25, 2011

Oct. 25 (Bloomberg) -- Polish retail-sales growth unexpectedly accelerated for a second month in September, adding to arguments for the European Union’s largest eastern economy to refrain from cutting interest rates.

Sales increased 11.4 percent from a year earlier after rising 11.3 percent in August, the Central Statistical Office in Warsaw said today. The median estimate of 22 economists surveyed by Bloomberg was 10 percent. September sales rose 1.3 percent from the previous month.

Faster retail growth adds to evidence of the Polish economy’s resilience to the slowdown spreading across Europe. Central bankers including Zyta Gilowska and Andrzej Bratkowski have argued this month that the pace of expansion warrants leaving borrowing costs unchanged this year.

“Prospects for Poland’s economy this year are better than pessimists expect,” central bank’s governor Marek Belka told journalists on Oct. 21.

The central bank left the benchmark seven-day interest rate unchanged for a third meeting at 4.5 percent earlier this month.

--With assistance from Barbara Sladkowska in Warsaw. Editors: Balazs Penz, David McQuaid

To contact the reporters on this story: Dorota Bartyzel in Warsaw at dbartyzel@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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