Easter period supports Polish retail sales growth in March

Polish retail sales in March were mainly driven by food products sales and other sales in non-specialized stores. Due to low oil prices it is likely that fuel sales dropped by around 14% yoy.

Societe Generale sees retail sales growth to accelerate to 1.2% in March from -1.3% in February. On a monthly basis, an increase of 15.0% due to the pick-up in sales before Easter. 

Recent SAMAR data on car registrations were negative - there was a decrease of 3.8% yoy in March. The persistent lack of inflationary pressure and growing real disposable income should support consumer spending in the coming months.