Poland's economy will continue growing by 3.5%
The European Union expects Poland to retain an economic growth of 3.5 percent for the foreseeable future.
“The Polish economy is doing quite well,” said European Commissioner Valdis Dombrovskis during a recent visit to Warsaw to meet with deputy Prime Minister Paweł Szałamacha, central banker Marek Belka and other financial authorities in Poland.
“It has weathered the financial and economic situation quite well and also now we expect a 3.5 percent growth for Poland both this year and next, which is substantially above EU average.
“Unemployment is at historically low levels and is projected to continue to decrease, so we think it's important to follow up on those positive developments.”
The rate of joblessness in Poland currently stands at 9.6 percent according to Poland's Central Statistical Office (GUS) and 7.0 percent according to the EU statistics office, Eurostat.
Poland's economy in Q3
Polish economy grew by an annual rate of 3.5% in the third quarter of the year, led by investment growth which slowed to 4.6% and with consumption stable at recent growth rates, estimates from the Central Statistical Office (GUS) showed.
The figure came slightly above the 3.4% flash estimate for Q3 growth released on November 13. In seasonal adjusted quarterly terms, Q3 GDP increased by 0.9% quarter on quarter, after confirmed 0.8% quarterly growth in Q2, GUS also said.
The above estimates were built on a stable contribution from consumption and a reduced contribution from investments.
Investment growth faltered, sliding to a 4.6% annual rate from 6.4% in Q2, and taking its share of the 3.5% headline growth rate down to 0.9 pps, its lowest contribution to headline growth since late 2013.
Inventory depletion made its lightest negative effect on the headline GDP growth rate yet this year, trimming 0.1 pps from the headline growth rate.
Consumption grew at a 2.9% annual rate to match its recent levels but with contribution to the total GDP growth figure edging down to 2.3%.
Net exports returned to bolster the bottom line for Poland after having made a negative contribution for three consecutive quarters.
Q1-Q3 data suggest that in the coming quarters there is a chance of maintaining the pace of growth, which will still be based on three drivers: consumption, net exports and a decelerating investment growth.