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I UNDERSTAND
English Section

Polish consumer sentiment wanes as coronavirus resurges

23.10.2020 06:30
Consumer sentiment in Poland has worsened this month on renewed coronavirus concerns, the country’s Central Statistical Office (GUS) has reported, amid a resurgence of infections.
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Pixabay LicenseImage by Anrita1705 from Pixabay

After signs of a rebound earlier this year, the state-run statistics agency said its Current Consumer Confidence Index, which describes current trends in personal consumption, dropped by 5 points in October from September, showing a negative reading of “minus 20” points.

Polish consumers surveyed this month were less positive about the prospects of the economy than a month earlier, and their evaluation of their own financial condition also worsened from September, according to the Central Statistical Office.

Compared with October last year, the Current Consumer Confidence Index was 29.3 points lower, the statistical office said this week.

Meanwhile, the so-called Leading Consumer Confidence Index, which provides an insight into expected trends in personal consumption in the coming months, fell by 3.2 points in October from September, to “minus 19.2” points, the Central Statistical Office reported.

It added that most components of that indicator declined, including how consumers evaluate the future level of unemployment and the future financial situation of their own households and the economy as a whole.

The Leading Consumer Confidence Index was 22.8 points lower in October than in the same month of 2019, the office reported.

Both consumer confidence indicators take values from -100 to +100. A positive value means that optimistic attitudes prevail among consumers, while a negative value indicates a prevalence of pessimistic views.

The latest consumer sentiment study was conducted between October 5 and 14. More than 85 percent of those surveyed said their responses were impacted by "the current epidemiological situation" in the country, the Central Statistical Office reported.

A total of 214,686 people have tested positive for the coronavirus in Poland since the pandemic began, and 4,019 have died in connection with the COVID-19 respiratory disease so far, officials said on Thursday.

Amid a spike in coronavirus cases, strict new rules came into effect in the country this month under which everyone is required to wear a face covering when going out in public.

The new rules kicked in after officials announced a stepped-up battle against the coronavirus epidemic following a surge in both COVID-19 infections and deaths.

In April, consumer sentiment in Poland had plunged to its lowest level since 2004 amid the coronavirus pandemic, according to a report.

(gs/pk)

Source: PAP, stat.gov.pl