Poland: Economic growth slows in 2012
January 29, 2013
According to preliminary data from the Central Statistical Office (GUS), GDP expanded 2.0% in 2012. The figure was down from the 4.3% expansion observed in 2011 but came in line with market expectations. In fact, the reading represents the lowest growth rate seen in three years. Preliminary data are still subject to revision and more detailed figures for 2012, including fourth quarter results, will be published on 1 March.
The deceleration in 2012 was led by a slowdown in private consumption, which expanded just 0.5% in 2012 (2011: +2.5% year-on-year). Simultaneously, fixed investment slowed from a solid 9.0% expansion in 2011 to a 0.6% rise in 2012. Overall, domestic demand decelerated to a meagre 0.1% increase in 2012, well down from the 3.4% expansion seen in 2011.