Poland's economy continued to grow at a slower pace in the last three months of 2012. Seasonally adjusted GDP growth in the fourth quarter of 2012 amounted to 1.1 percent year-on-year, statistics office GUS announced. The quarter-to-quarter growth was 0.2 percent. Real GDP growth for the whole of 2012 was 2.0 percent y/y and 1.1 percent y/y in Q4.

The slowdown in GDP growth was most influenced by an exceptional fall in individual consumption, GUS said. Domestic demand decreased by 0.7 percent y/y. Net exports had a positive influence on economic growth, as export growth accelerated and imports fell at a slower pace.

“Data on economic growth did not bring any major surprises as compared with flash whole-year data released previously,” BZ WBK economists wrote in a statement. They added that a decline in consumption does not necessarily mean further slowdown. “We do not expect the consumption to be the main driver of economic growth this year ... but we expect it to grow by 1% on average,” they wrote.

KW