In the third quarter, gross domestic product (GDP) expanded 4.2% over the same quarter last year. The result was up from the 3.5% growth recorded in the second quarter (previously reported: +3.8% year-on-year) and beat market expectations of a 3.3% expansion. In fact, economic output grew at fastest pace in two years. The robust growth was driven by upbeat consumers and the ongoing recovery in neighbouring Germany. Private consumption rose 3.5% over the same period last year, up from the 3.0% increase experienced in the second quarter. Gross fixed investment expanded only slightly at 0.4%, which is nevertheless an improvement on the 1.7% contraction recorded in the previous quarter. The higher investment figure can be attributed to new infrastructure projects co-financed by both the EU and Poland. Meanwhile, the net contribution from the external sector to overall growth improved compared to the second quarter. Exports accelerated only 9.6% in the third quarter (Q2: +14.7% year-on-year) and imports increased 9.5% (Q2: +16.2% yoy). As a result, the net contribution from the external sector to overall growth rose from minus 0.4 percentage points in the second quarter to zero in the third quarter. At the sector level, industry rose 10.2%, down from the 11.4% increase recorded in the second quarter, while services expanded 2.0%, up from the 0.8% increase registered in the previous quarter. A quarter-on-quarter analysis confirms the acceleration suggested by the annual figures, as the economy expanded 1.3% over the preceding quarter in seasonally adjusted terms (Q2: +1.2% qoq). The Central Bank sees economic growth averaging 3.5% this year and 4.3% in 2011.
Economic growth in the third quarter fastest in two years
November 30, 2010
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Poland Economic News
October 25, 2016
In September, retail sales rose 4.8% over the same month last year, which was below August’s over two-year high of a 5.6% increase.
October 25, 2016
The manufacturing sector business climate index decreased from 3.3 points in September to 1.0 point in October, according to the Central Statistical Office’s Business Tendency Survey (GUS-BTS).
October 19, 2016
In September, industrial production expanded 3.2% over the same month last year, which was notably below the 7.5% expansion recorded in August.
October 12, 2016
According to the Central Statistical Office (GUS), consumer prices recorded flat growth over the previous month in September, which followed the 0.2% decrease recorded in August.
October 5, 2016
As anticipated by market analysts, the National Bank of Poland (NBP) decided to keep the reference rate at the record low of 1.50% at its 4–5 October monetary policy meeting.