The latest data from the Central Statistical Office on wages and salaries in Poland

The average salary in the enterprise sector increased in September this year. by 14,5% compared to September 2021 and amounted to PLN 6687,81. This is below the inflation rate, which in September this year. was 17,2%. This means that wages in real terms fell by 2,3% y / y in September. This is the second month in a row when the annual average wage growth in the corporate sector is below the inflation increase.

Quarterly data from the Central Statistical Office

Apart from monthly salaries (in the enterprise sector for entities employing 10 or more people), the Central Statistical Office also provides the quarterly average monthly salary in the national economy (for Q2 2022 it was PLN 6,156.25).

W.1 Average monthly salary in the enterprise sector and in the national economy:

Source: own study, GUS

From the point of view of data on wages, the most important thing is how much allowances and inflation payments are in the increase in wages (this is the so-called second-round effects, when price increases affect the increase in wages). Such inflationary allowances may still be of a one-off nature, but they may also quickly turn into permanent inflation indexation. Let us remind you that in July this year. part of the increase in wages in the mining industry was due precisely to inflation premiums. As reported today by the Central Statistical Office in September this year. we also had bonus payments due to inflation.

Top-paid industries

Currently, the highest average salaries are in the "Information and communication" industry - PLN 11,306.58. The second industry with the highest salaries is "Mining and mining" with an average salary of PLN 10,496.77.

W.2 Average monthly remuneration, breakdown by types of activity, PKD 2007:

Source: own study, GUS

The current inflation in Poland in September 2022. was 17,2% on an annual basis. Only in three industries the increase in the average wage was higher than the inflation rate (transport, mining and energy production - where the increase in wages was from 23% to 25%).

W.3 Average monthly salary, year-on-year change, breakdown by types of activity, PKD 2007:

Source: own study, GUS

How is the average salary changing?

Finally, let's look at the change in the average salary since March 2021 (the last time inflation was below the upper limit of the inflation range). NBP, i.e. below 3,5%). In March 2021 inflation was 3,2% (annually), while in April 2021 already 4,3%. In five sectors, the increase in the average wage outpaced the increase in inflation in this period. The highest increase in wages in this period was in the mining industry, amounting to 35,1%.

W.4 Change in the average wage from March 2021 due to changes in inflation in the same period:

Source: own study, GUS

We can also present the same data on the timeline, as shown in the next chart. In both mining and agriculture and forestry, salaries are subject to large monthly fluctuations (due to bonus payments, etc.).

W.5 Change in the average wage on the timeline from March 2021 due to changes in inflation (for selected industries):

Source: own study, GUS

Over the last decade, nominal wages in Poland grew much faster than inflation, so we had an increase in real wages. From January 2010 to March 2021, the average salary in the enterprise sector increased in nominal terms by 83,5%, while the cumulative inflation for this period was only 23,5%. From March 2021 to September 2022, wages increased by 12,8%, with inflation rising by 20,3%.

W.6 Change in the average wage in the enterprise sector since January 2010 due to changes in inflation:

Source: own study, GUS

About the Author

Jaroslaw Jamka - Experienced fund management expert, professionally associated with the capital market for over 25 years. He holds a PhD in economics, a license of an investment advisor and a securities broker. He personally managed equity, bond, mutli-asset and global macro cross-asset funds. For many years, he managed the largest Polish pension fund with assets over PLN 30 billion. As an investment director, he managed the work of many management teams. He gained experience as: Member of the Management Board of ING PTE, Vice-President and President of the Management Board of ING TUnŻ, Vice-President of the Management Board of Money Makers SA, Vice-President of the Management Board of Ipopema TFI, Vice-President of the Management Board of Quercus TFI, Member of the Management Board of Skarbiec TFI, as well as Member of Supervisory Boards of ING PTE and AXA PTE. For 12 years he has specialized in managing global macro cross-asset classes.

Disclaimer

This document is only informative material for use by the recipient. It should not be understood as an advisory material or as a basis for making investment decisions. Nor should it be understood as an investment recommendation. All opinions and forecasts presented in this study are only the expression of the author's opinion on the date of publication and are subject to change without notice. The author is not responsible for any investment decisions made on the basis of this study. Historical investment results do not guarantee that similar results will be achieved in the future.