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The Warsaw Voice » Business » August 2, 2010
From the Business Editor
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Growing rapidly
August 2, 2010   
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The latest data shows that the Polish economy has entered a path of rapid growth. In June, production increased by 14.5 percent compared with a year earlier, according to the government’s Central Statistical Office (GUS). In May, the year-on-year increase in production was also high, at 13.5 percent. The upward trend has continued for more than six months now.

This encouraging data reflects the good job done by Polish exporters—as confirmed by the performance of individual sectors of the economy. Sectors where exports play a considerable role in total sales are reporting the best results. June saw a boom in the electronics industry where production of computers and other equipment rose by 98.1 percent in year-on-year terms. Other exporting sectors also reported excellent results. In the chemical industry, output was 35.5 percent higher and in the automotive industry it grew by 22.6 percent.

The growth in exports means that Polish goods are increasingly competitive on international markets—though this is in part due to a recent weakening of the zloty. An improvement in global economic trends, especially increased activity in countries that are Poland’s main trading partners, is another factor that has helped boost Poland’s exports. If the winning streak of Polish producers continues, exports should pick up markedly after a more than 15 percent drop last year.

Another optimistic sign is a significant increase—by almost 10 percent—in construction and assembly output in June. And there is every indication that the construction sector will perform even better in the second half of the year. The sector’s first-half figures were dampened by unfavorable weather conditions in the first quarter and floods in the second quarter. Builders, eager to make up for their losses and lost time, will now be making an additional effort to catch up with their work. An additional boost will certainly come from reconstruction and modernization projects in flood-stricken areas and considerable state assistance set aside for these areas. This may significantly contribute to faster GDP growth this year. Production figures for the first half of the year indicate that Poland’s economic revival continues. Coupled with encouraging signals from the labor market, the figures allow us to estimate that the country’s GDP growth exceeded 3 percent in the first half of the year. Economic growth in 2010 as a whole may be even higher. And Poland will certainly remain one of the fastest growing economies in Europe.
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