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Tuesday, April 15, 2008

Poland Gross Wages March 2008

Wages in Poland's corporate sector rose 10.2% on the year in March, below forecastsand down from 12.8% in February, data released Tuesday by the Central Statistical Office. On the month, March average wages rose 3.7%, following February's 2.1% monthly rise. The figures are preliminary and cover Polish companies with more than nine employees.

The wage figures, coupled with lower-than-expected March annual inflation of 4.1%, may delay the possibility of a quarter-point interest-rate hike by Poland's central bank at its meeting at the end of April.

The average gross wage was 3,144.41 zlotys ($1,458.65) in March, up from PLN3,032.70 in February. Total employment at firms with more than nine employees amounted to 5.38 million in March, up 5.8% on the year. That annual rise was slightly below the consensus analysts' average forecast of a 5.9% rise, but suggests Poland's economy is still adding jobs at a pretty fast pace.

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