Poland's Q2 GDP reading confirms stable growth – statistics office official
August 18, 2014
Poland's GDP grew by 3.2% in annual terms in Q2 2014 and by 0.6% quarter on quarter in seasonally adjusted terms, according to a flash estimate by the Central Statistics Office (GUS), which confirms slightly weaker but stable economic growth, GUS Vice-President Halina Dmochowska has told journalists.
Economists surveyed by PAP Polish news agency estimated Q2 GDP growth at 3.2% y/y.
The Q2 reading "confirms earlier assessments - we are faced with a stable, although slightly weaker economic growth," Dmochowska said.
"The growth rate decline was caused mainly by June results of manufacturing and construction," she said.
At the same time, the contribution of manufacturing and construction sectors to economic growth was likely positive, although slightly weaker than in Q1, she added.
"We also recorded good results in trade and transport: their contribution was the same as last quarter," Dmochowska said. "We assess that slightly positive contribution came from the sector of financial and insurance institutions."
The impact of the government sector institutions was neutral, as was the case for households, the official added.
Poland's Finance Ministry saw the key drivers of Q2 growth in consumption and investments plus inventories, the ministry said in a statement. Net exports, in turn, had a neutral or slightly negative contribution to GDP growth in Q2, the ministry statement reads.
GUS will publish a full estimate of Q2 GDP figures on August 29.