Poland’s gross domestic product grew by an annualized rate of 0.8 percent in Q2, according to Poland’s statistics office GUS. The figure was in line with the flash estimate published by GUS three weeks ago.
In seasonally adjusted terms, Poland’s GDP expanded by 1.1 percent y/y. In seasonally adjusted quarter-on-quarter terms, GDP grew 0.4 percent, which provided evidence that Poland’s economy is gaining momentum, experts said. The previous seasonally adjusted quarterly figures were 0.1 percent in Q4 2012 and 0.2 percent in the first quarter of this year.
Source: Central Statistical Office
Economists said that exports are the driving force behind the Polish economy’s recovery, as Poland’s biggest trading partners in the euro zone begin to emerge from recession.
“Exports rose by 5.1 percent y/y and imports continue to fall. The growth would be bigger if private consumption was higher, although an increase in consumption in the public sector has helped matters,” Przemysław Kwiecień, chief economist at X-Trade Brokers wrote in an e-mailed statement. “With production rising as well, we maintain our forecast that in H2, [Poland’s] economy will grow by 1.5 percent,” he added.
A set of good macroeconomic data released this month had already suggested that the economy is “gradually recovering” from a sharp slowdown, said economists at Citi Handlowy in an e-mailed statement. They maintained their forecast that Polish GDP would grow by 1.5-2 percent in the second half of this year, on the back of stronger consumption growth and an improving situation in the labor market.
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