Polish GDP growth reaches 2.7pct in Q4
February 15, 2017
Poland's GDP in Q4 2016 grew by 2.7% year on year and by 1.7% quarter on quarter, according to a flash estimate by Central Statistical Office (GUS).
"In Q4 we noted positive contribution on GDP of all segments of the economy, except for construction: production and services," GUS national accounts director Maria Jeznach commented on the flash reading. "The negative scale of construction contribution in Q4 declined slightly."
Contribution of industry was positive in Q4 but weaker than after three quarters, the official also said. "Also domestic demand had a positive impact, mainly thanks to consumer demand, while the contribution of investment demand remained negative."
Net exports contribution was slightly positive, she added.
The Q3 2015 GDP growth was confirmed at 2.5% y/y. The Q3 q/q growth was adjusted to 0.4% from 0.2%.
Poland's FY 2016 GDP growth is still estimated at 2.8%, Jeznach said.
Meanwhile, deputy PM and Finance Minister Mateusz Morawiecki said during a press briefing that the government stands by its forecasts for 3.6% GDP growth and 1.3% average annual CPI in 2017, with upside risks for inflation and upside and downside risks for economic growth,
"We stick to our forecast: we said 3.6% of GDP, 1.3% inflation," Morawiecki said after the Tuesday government sitting. "Perhaps inflation will be higher at end-year, perhaps GDP will be slightly higher or lower. We do not have a crystal ball."
"The most important thing is that we returned to growth acceleration and the quality of growth is high," he said.