Polish economy shows signs of revival

2013-09-23, 19:34
Published in Economy
Rate this item
(0 votes)

The low point for the economy was the first quarter, when Poland's gross domestic product grew by only 0.5 per cent; that quickened to 0.8 per cent in the second quarter. The spectre of recession threatening Europe's only economy to enjoy more than two decades without a contraction seems to have receded.

The government predicts the economy will expand by 1.5 per cent this year, but Mr Tusk said the final result may be better, predicting that Poland's economy will be growing at a 2 per cent pace by the end of this year and by 3 per cent in early 2014.

In a recent analysis, Capital Economics, a London-based analysis company, found that "most of Poland's previous drivers of growth now seem to be strengthening, albeit gradually", adding that over the longer term, growth rates of 4 per cent "would be perfectly attainable".

So far the sputtering economy has been supported by exports, largely to a revving eurozone. The domestic economy has been gloomier, hampered by a reluctance of banks to lend and by skittish consumers who have spent part of their savings and are still worried about high unemployment – 13 per cent at last count – although it appears to be falling.

Despite the slowdown, Poland is still one of the EU's strongest performers, Polish economy has grown a fifth since the start of the crisis five years ago, the best result in the EU. Average monthly salaries have grown from 2,700 zlotys ($860) to 3,800 zlotys.

www.L24.lt

 

Add comment

 

 

Place for your add
300x250px
Place for your add
300x100px
Lietuva 24Litwa 24Литва 24Lithuania 24