Poland is entering a phase of gradual economic recovery, National Bank of Poland President Marek Belka told reporters. “Gradual does not mean impetuous or fantastic. But still, based on all the signals coming from the economy it seems that recovery is not threatened,” Mr Belka said.
"The worst for Poland is over," said Marek Belka
Courtesy of The International Monetary Fund
According to Paweł Durjasz from the prime minister’s Economic Council, Poland’s GDP is expected to grow by 1.4 percent for the entire 2013 year-on-year, based on recent macroeconomic data. In Q3 2013, economic growth should be about 1.8 percent y/y.
The NBP head named faster industrial output and retail sales data, which grew by 3.4 percent year-on-year in August, as well as lower unemployment, which fell by 0.1 percentage points in August, as the key positive signals.
“This is huge, great news which could improve the life of every Polish family but an economist needs to look at these pieces of information and draw the same conclusion I do,” Mr Belka said and added that even though the road to recovery may be long, “the worst for Poland is over,” he added.
Mr Belka also said that he does not expect inflationary pressure in the coming months, so there would be no reason to change interest rates before the end of 2013. “And then we will see and we will probably make some form of forward guidance again.”
From Warsaw Business Journal
Ministry wants new central bank law next year
RPP leaves rates unchanged, as expected
Currency reserves inch down to €77.1 billion in September
Gilowska resigns from Monetary Policy Council
RPP leaves interest rate unchanged
Will cabinet reshuffle save PO?
BY Remi Adekoya
What’s next for Jarosław Gowin?
BY Remi Adekoya