EC upgrades Poland's 2011 GDP growth forecast to 4.1% from 3.9%.

By bne IntelliNews March 2, 2011
The European Commission has upgraded its 2011 GDP growth forecast for Poland to 4.1% from 3.9% expected in November, the EC has said in its interim forecast. The Commission expects Poland's HICP inflation to rise to 3.3% this year from 2.9% expected in November and compared to the average 2010 annual figure of 2.7%. For 2010 as a whole, real GDP grew by 3.8% in Poland, which was one of the highest growth rates in the EU, the Commission noted. The main contributors were domestic demand (mainly private consumption and inventories), while the contribution of net exports remained broadly neutral throughout the year. In quarterly terms, Poland's GDP would rise by 0.8%, 1.1%, 1.1% and 1.0% in subsequent quarters , respectively, vs. 1.3% q/q in Q3/2010 and 0.9% expected by the EC for Q4/2010. The Q1 slow-down is explained by VAT increases and inflation pick-up that are expected to hamper temporarily private consumption. The next fully fledged forecast is due on May 13, 2011. ISB

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