New Market Study Published: Poland Food & Drink Report Q3 2012
Our Europe team has a below-consensus view on Polish GDP growth for 2012. Retail sales data suggest that private consumption is already weakening. Commentators have focused on headline nominal retail sales growth in Q112, which grew by 12.9% on Q111, but missed less impressive volume numbers, which increased only 0.4% year-on-year (y-o-y) in Q112. Inflation, and the lagged effect of a weak zloty in H211 on import prices in particular, explain much of this difference. According to an Ipsos-Demoskop survey,...
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