EC upgrades forecast of Poland's 2012 GDP growth by 0.2pp to 2.7%.

By bne IntelliNews May 14, 2012
Poland's real GDP growth is projected to slow down considerably to 2.7% in 2012 (from 4.3% in 2011) on the back of deteriorating global demand and continued fiscal consolidation effort, the European Commission has announced in its spring forecasts. It expects the Polish economy to decelerate slightly further to 2.6%. The new forecasts stands for a slight improvement as for the 2012 outlook: still in February, the Commission expected the 2012 growth at 2.5%; in its autumn 2011 forecast, though, it projected the 2013 growth at 2.7%. EC says that domestic demand is projected to remain the main driver of growth, but the focus is expected to continue to shift from consumption to investment. Private gross fixed capital formation is likely to remain strong. Companies are set to benefit from the currency depreciation and use their profits to renew their machinery in preparation for an expected upturn in the cycle. At the same time, growth in private consumption is likely to decelerate. The Polish government expects the economy to expand by 2.5% in 2012 and by 2.9% in 2013.

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