Polish economy grows 3.3% in Q2
September 1, 2014
Poland's GDP grew 3.3% year-on-year in Q2 2014, 0.1 pps above the earlier flash estimate, with domestic demand up by 5.1% y/y and investments up 8.4% y/y, General Statistics Office (GUS) preliminary estimates out Friday showed.
The headline figure was 0.1 pps above the 3.2% flash estimate reading released by GUS on Aug. 14.
In seasonal adjusted quarterly terms, GDP increased by 0.6% q/q, GUS also noted.
"Despite a slower rate of economic growth, positive changes appeared in the structure of growth,” Pekao economist Adam Antoniak told the PAP news agency. “In particular, there was a visible growth of domestic demand, based on recovering private consumption and investments,” he added.
“Problems for EU trade with Russia and weak results and prospects for the European economy suggest a further slowdown in Poland in the coming quarters” Antoniak said.
“3.3% GDP growth in FY 2014 is still within reach, but in light of the above threats, one should be prepared for a deceleration to 3.1-3.2% and stabilization at a similar pace in 2015," he added.