Poland’s gross domestic product is expected to grow by 1.5 percent in 2013 and by 2.8 percent in 2014, according to the latest regional economic forecast from the World Bank. The institution had earlier expected the growth to be 1.0 percent this year and 2.0 percent next year.
Courtesy of Central Statistical Office, World Bank, HSBC
According to the report, economic activity in the EU11 region (Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia) started strengthening in Q2 2013 thanks to more confidence triggered by signs of a recovery in the euro zone.
Poland is seen as one of the fastest-growing economies in the region, behind only to Romania, Lithuania and Latvia. GDP growth in those countries this year is expected to be 2.2 percent, 3.0 percent and 3.9 percent respectively.
Meanwhile, according to HSBC’s most recent forecast, Poland’s GDP growth will amount to 1.4 percent year-on-year in 2013 and then accelerate to 3.0 percent in 2014 and 3.3 percent in 2015. In an earlier forecast the bank saw the growth at 1.0 percent this year, then 2.6 percent in 2014.
HSBC said that it decided to raise the forecast after Poland recorded higher-than-expected growth in the second quarter of 2013. The economic rebound will not be much stronger in 2015 due to poor perspectives for the euro zone, HSBC economist Agata Urbańska-Giner wrote in the report.
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