Poland: Economic growth moderates slightly in Q3
November 28, 2014
In the third quarter, GDP increased 3.3% over the same quarter last year. The result came in just below the 3.5% expansion recorded in the second quarter, but largely exceeded the 2.7% markets had expected. The expansion in Q3 was driven by domestic demand, whereas the external sector performed poorly. Compared to the previous quarter, economic growth increased a seasonally-adjusted 0.9% in Q3 (Q2: +0.7% quarter-on-quarter).
On the domestic side, private consumption expanded 3.2% (Q2: +3.0% year-on-year) and government consumption increased 3.5% (Q2: +3.7% yoy). The main driver of growth was fixed investment, which accelerated from 8.7% in Q2 to 9.9% in Q3.
On the external side, exports of goods and services expanded 3.8% in the third quarter (Q2: +4.8% yoy), while imports increased 7.3% (Q2: +9.4% yoy). As a result, net exports dragged down growth by 1.6 percentage points (Q2: -1.9 percentage points).
Author: Cecilia Simkievich, Economist