Preliminary data released last week by Poland’s Central Statistical Office (GUS) showed that Poland’s economy grew by 4.3 percent last year, a result equal to or better than most analysts’ forecasts. The result also beats Poland’s growth of 3.9 percent in 2010.

Gross fixed capital formation grew by 8.7 percent in 2011, while domestic demand rose 3.8 percent, according to the GUS data.

Source: GUS

It also noted that private consumption grew by 3.1 percent in 2011, indicating clearly a deceleration in last three months of the previous year. But on the other hand, investment growth surprised on the upside as it accelerated by over 8 percent, with BZ WBK’s estimates showing it grew over 10 percent in Q4 2011.

Prime Minister Donald Tusk expressed his satisfaction with the results.

“I am very happy … the result is better than expected but very close to what we had planned a year ago,” adding that the results showed Finance Minister Jacek Rostowski has correctly been interpreting the economic signals from Poland and Europe. Mr Rostowski had earlier predicted that Polish GDP would grow by more than 4 percent in 2011.

But BZ WBK analysts do not expect Poland to maintain that level of growth in 2012. “Amid tendencies observed on the labor market, we sustain our forecast of a lower pace of consumption and GDP growth (2.3 percent),” they said, adding that from the point of view of Poland’s interest rate-setting Monetary Policy Council, the released data “is not that unambiguous.”

“The pace of GDP growth is high, but consumption is clearly decelerating. Thus, interest rates will probably remain stable in H1 2012,” the statement read.