Polish economy accelerates to 2.7% in Q4
March 3, 2014
Poland's economy continued to accelerate through the fourth quarter of 2013, with a consumer revival and a spark in investments helping to balance the picture of an economy that had run long on the sole engine of exports.
Poland's GDP grew 2.7% year-on-year in Q4 2013, with investments up by 1.3% to bring domestic demand to 1.2% annual increase, the Central Statistical Office (GUS) preliminary estimates out Friday showed.
Q4 GDP showed increasingly balanced growth as all domestic components accelerated from prior growth rates, the report also showed.
The data offer "a confirmation of very positive tendencies," ING BSK economist Grzegorz Ogonek told PAP Polish news agency, citing the return of Polish consumer as a highlight of a growth picture showing improved balance.
Consumers, who first showed signs of life in Q3, picked up the shopping pace to drive household consumption up 2.1% from the prior year period, double the Q3 annual rate. Household consumption rose to account for 1.1 pps of the 2.7% headline GDP growth rate.
Investments, which edged out of four quarters of recession in Q3, also accelerated, albeit are "only joining in" at this stage, mBank economist Piotr Bartkiewicz told PAP.
Added value in construction continues to run below prior year levels. Yet a 1.3% annual advance for fixed-asset investments is double the Q3 annual growth rate and contributed a palpable 0.4 pps to the headline GDP growth rate.