Poland GDP

Poland

Poland: Economy maintains pace in Q2

August 29, 2014

In the second quarter, GDP increased 3.3% over the same quarter last year. The result, which came in just below the 3.4% expansion recorded in the first quarter, was roughly in line with the 3.2% reported in the preliminary estimate. The expansion in Q2 was driven by domestic demand, whereas the external sector fared worse. Compared to the previous quarter, economic growth increased a seasonally-adjusted 0.6% (Q1: +1.1% quarter-on-quarter).

On the domestic side, private consumption picked up to a 2.8% increase (Q1: +2.6% year-on-year). Government consumption increased a modest 0.8% (Q1: +0.7% yoy). Meanwhile, fixed investment decelerated, but still registered a strong 8.4% expansion (Q1: +10.7% yoy).

On the external side, exports expanded 5.9% in the second quarter (Q1: +7.6% yoy). Meanwhile, imports increased 9.8% (Q1: +6.9% yoy). As imports grew faster than exports, the external sector’s net contribution to overall economic growth swung from plus 0.5 percentage points in Q1 to minus 1.6 percentage points in Q2.

The Central Bank expects GDP to expand 2.9% in 2014 and 3.3% in 2015. FocusEconomics Consensus Forecast panelists expect that the economy will expand 3.2% in 2014, which is up 0.2 percentage points from the previous month’s forecast. For 2015, panelists expect the economy to grow 3.6%


Author:, Economist

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Poland GDP Q2 2014

Note: Year-on-year changes of GDP in %.
Source: Central Statistical Office (GUS) and FocusEconomics Consensus Forecast.


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