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EC raises Poland's GDP forecast to 2.9 %

26th February 2014
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The European Commission has upped Poland's growth forecast by 0.4 percentage points to 2.9 percent for 2014

EC is raising Poland's GDP forecast to 2.9 %

“After a marked slowdown in 2012-13, economic activity in Poland picked up at the end of last year as external demand and economic sentiment improved. Domestic demand is expected to overtake net exports as the main engine of economic growth, as unemployment falls and inflation remains contained. The fiscal outlook is set to improve gradually,” the European Commission states in its forecast, released Tuesday.

According to the EC, over the period 2014-2015 exports will pick up which will “invigorate private investment.”

The latest from the EC shows that domestic demand as a contribution to GDP growth will grow by 2.5 percent in 2014 and 3.2 percent in 2015, while net exports will grow by 0.4 percent in 2014 and level off to 0.0 percent in 2015.

Meanwhile, “Falling energy prices, subdued food prices and weak domestic demand drove average HICP inflation down to 0.8 percent in 2013. A moderate pick-up is expected in 2014 and 2015, to 1.4 percent and 2.0 percent respectively, inter alia reflecting base effects in 2014 and moderate improvement in domestic demand.”

“In 2013, the deficit is forecast to have increased to 4.4% of GDP, up from 3.9% of GDP in 2012,

mainly due to a weak performance of indirect and direct tax revenues,” the latest from the EC reads.

Poland A.M.

From Warsaw Business Journal

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