In the second quarter, GDP increased 4.3% over the same quarter of the previous year. The result was marginally above market expectations of a 4.2% expansion and slightly below the 4.4% growth registered in the first quarter. Compared to the previous quarter, the economy increased a seasonally adjusted 1.1%, at the same pace observed in the first quarter. Domestic demand remained the most significant driver of GDP growth, adding 4.3% in the second quarter (Q1: +4.5% year-on-year). Private consumption rose 3.5% over the same period last year, below the 3.9% increase tallied in the first quarter. Gross fixed investment expanded 7.8%, up from the 6.0% rise in the previous quarter. The net contribution from the external sector to overall economic growth improved compared to the first quarter. Exports grew 6.7% in the second quarter (Q1: +5.9% yoy) while imports increased 6.6% (Q1: +6.2% yoy). As a result, the net contribution from the external sector to overall economic growth inched up from minus 0.1 percentage points in the first quarter to 0.0 percentage points in the second, thereby having no effect on the GDP reading. At the sector level, industry increased 4.1%, down from the 7.8% rise recorded in Q2, while services also expanded 4.1% (Q1: +3.3% yoy). The Central Bank sees the economy growing 4.0% in 2011 and 3.2% in 2012.
Economy expands in Q2 driven by domestic demand
August 31, 2011
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Poland Economic News
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.
October 3, 2016
The Manufacturing Purchasing Managers’ Index (PMI) rose from August’s 51.5 to a six-month high of 52.2 in September, according to IHS Markit.
September 30, 2016
According to a preliminary estimate released by the Central Statistical Office (GUS) on 30 September, consumer prices recorded flat growth over the previous month in September, which followed the 0.2% fall recorded in August. In annual terms, consumer prices dropped 0.5% in September, which was a less pronounced decline than the 0.8% fall recorded in August.
September 30, 2016
The manufacturing sector business climate index decreased from 4.8 points in August to 3.3 points in September, according to the Central Statistical Office’s Business Tendency Survey (GUS-BTS).