Polyesters useful as a binder or a component of a binder for powder lacquers and which contain hydroxyls, carboxyls or both and which have an acid value of up to 50, a hydroxyl value of up to 200 and a sum of hydroxyl value and acid value of from 20 to 200 is produced by reacting:(a) an acid component selected from the group consisting of (a1) at least one poly-functional organic carboxylic acid, (a2) at least one ester-forming derivative of a poly-functional organic carboxylic acid, (a3) at least one organic hydroxycarboxylic acid, (a4) at least one lactone of an organic hydroxycarboxylic acid, and mixtures thereof, with the proviso that at least 50 mol-% of component (a) consists of aromatic species of components (a1), (a2), (a3), (a4), or mixtures thereof,with(b) a polyol component which is at least one polyhydric alcohol having a molecular weight in the range from 62 to 250,while maintaining an equivalent ratio of carboxyl groups to hydroxyl groups of form 0.65:1 to 1.5:1, with the proviso that component (b) is used in a quantity of at least 30% by weight, based on the weight of component (a), and the reaction is carried out in the presence of(c) at least 5% by weight, based on the weight of components (a) and (b), of a solvent containing amide groups, lactam groups, or both and said solvent is free from any nitrogenhydrogen bonds.