Poland's retail sales growth expected to be weaker

Poland's retail sales growth likely to have decelerated to 1.8% in April from 3.0% in March but to have increased by 1.1% mom. Retail sales were mainly driven by sales of food products, pharmaceuticals, and clothing and footwear. 

"It is likely that fuel sales dropped by around - 8.3% yoy on the back of lower prices. Cars registration data suggest that this component will not be a decisive growth factor for retail sales in April. In real terms, retail sales growth should amount to 5.0% yoy. The persistent lack of inflationary pressure and growing real disposable income should support consumer spending in forthcoming months" says Societe Generale.  
    
Poland's new passenger car and van registrations increased by 3.72% yoy (-15.25% mom) in April, down from 15.3% in March. YTD registrations have come down by 2.4% yoy.