Retail Sales Increasing in Spite of the Crises

According to Eurostat retail sales increased by 1.4% over the last month. Despite rising inflation and worsening economic forecasts, Poles are buying more. According to Eurostat, retail sales in Poland increased by 8.4 percent in September. Compared to the previous month, the increase was 1.4 percent.

Importance of Retail Sales:

This is another month when, despite the crisis, stores record higher sales. In August, the European Statistical Agency recorded an increase of 8% in Poland.

The data collected by Eurostat include not only large retail chains but also small family stores employing less than 8 people. Annual data are seasonally adjusted for the number of working days. They do not include car sales.

On Tuesday, Eurostat released sales data for the entire eurozone. The results are better than market expectations. Sales fell, though only by 0.6% on an annual basis, while most analysts forecasted a decline of 1.3%.

The pace of decline in retail sales in the euro area clearly decelerated after retail sales fell by 1.4% in August. The main reasons for the decline in retail sales in Europe are high inflation and rising European Central Bank interest rates, which are at their highest levels since the creation of the euro area.

On Wednesday, October 9, the Polish Monetary Policy Council will decide on a possible interest rate hike. At the September meeting, the MPC members kept the interest rates unchanged, awaiting the latest inflation projection.

It is hard to predict what the Monetary Policy Council will do, but some economists argue that interest rates will be raised by 25 basis points. The reference rate will thus be raised to 7%.

Implications for Banking and Business

Developments in the Polish banking sector affect businesses operating in the country in several ways. Access to corporate banking services, credit availability, deposit rates, and payment infrastructure are all critical factors for companies — whether established Polish firms or foreign-owned entities entering the market.

For foreign entrepreneurs setting up operations in Poland, choosing the right banking partner is a strategic decision. Major Polish banks including mBank, ING Bank Śląski, Bank Millennium, PKO BP, and Santander Poland offer varying levels of service for international clients, including English-language online banking, multicurrency accounts, and dedicated relationship managers for corporate clients.

The Polish banking market is well-regulated by the KNF (Financial Supervision Authority) and participates in the EU deposit guarantee scheme (BFG — Bank Guarantee Fund), providing deposit protection up to EUR 100,000 per depositor per institution. This regulatory framework provides stability and confidence for businesses maintaining corporate funds in Polish banks.

If you are doing business in Poland or considering entering the Polish market, Zalewski Consulting can help. Learn more about our personal income tax advisory, or contact us for a free consultation.