Poland: Economic growth accelerates in 2010
January 28, 2011
According to preliminary data from the Central Statistics Office (GUS), GDP expanded 3.8% in 2010, up from 1.7% in 2009, when Poland was the only EU member to avoid recession. The preliminary data is still subject to revision and more detailed figures for 2010, including fourth quarter results, will be published on 2 March. The acceleration in 2010 was led by strong domestic demand, which swung from a 1.0% contraction in 2009 to a 3.9% expansion. Private consumption accelerated to 3.2% (2009: +2.1%), while growth in government consumption increased to 2.7% (2009: +2.1%). On the other hand, fixed investment deteriorated further in 2010 and contracted 2.0% (2009: -1.0%). The Central Bank anticipates that the economy will expand 4.3% this year and 4.2% in 2012.