The average wage in the enterprise sector in April 2024 increased by 11.3% year-on-year. This reading was lower than the forecasts (12.1%) and lower than the previous month, but it remains in double digits.
The strong nominal wage growth, coupled with lower inflation readings, indicates that wages are rising in real terms. The dynamics of real disposable household income remain high (close to 9%).
Therefore, we expect private consumption to remain the main driver of economic growth this year.
Bartosz Wałecki, Analyst at Michael / Ström Brokerage House
