Polish consumer sentiment improves as economy emerges from lockdown

Consumer sentiment in Poland has edged up in June in a second straight month of improvement after a severe slump earlier this year, the country’s Central Statistical Office (GUS) reported on Thursday.

A shopping mall back in business after a coronavirus shutdown in the central Polish city of Łódź.

A shopping mall back in business after a coronavirus shutdown in the central Polish city of Łódź.Photo: PAP/Grzegorz Michałowski

As the economy emerges from a coronavirus lockdown, the state-run statistics agency said its Current Consumer Confidence Index, which describes current trends in personal consumption, improved by 10.7 points from May, while remaining in negative territory of “minus 19.4” points.

Polish consumers were more positive about the prospects of the economy than a month earlier, and their evaluation of their own financial condition also improved from May, according to the Central Statistical Office.

Compared with June last year, the Current Consumer Confidence Index was 29 points lower, the statistical office said.

Meanwhile, the so-called Leading Consumer Confidence Index, which provides an insight into expected trends in personal consumption in the coming months, rose by 13.4 points in June from May, to “minus 23.9” points, the Central Statistical Office reported.

It added that all the components of that indicator improved, including how consumers evaluate the future level of unemployment and the future financial situation of their own households and the economy as a whole.

However, the Leading Consumer Confidence Index was 31.4 points lower in June than in the same month of 2019, the office reported.

Both consumer confidence indicators take values from -100 to +100. A positive value means that optimistic attitudes prevail among consumers, while a negative value indicates a prevalence of pessimistic views.

In April, consumer sentiment in Poland had plunged to its lowest level since 2004 amid the coronavirus pandemic, according to a report.

(gs/pk)

Source: PAP, stat.gov.pl

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