Polish FinMin upholds Poland's 2014 GDP growth forecast at 3.3% after weaker data

By bne IntelliNews July 25, 2014

After the publication of a series of weaker-than-expected macroeconomic data, Poland's ministry of finance has upheld its forecast of this year's GDP growth of 3.3% (vs. last year's 1.6%), according to minister of finance Mateusz Szczurek.

He admitted that it will be hard to replicate Q1 GDP growth (which reached 3.4% y/) in Q2 of 2014.

In June, retail sales' growth decelerated to 1.2% y/y (vs. market consensus of 4.5%), reaching the weakest pace in over a year. Industrial output grew by 1.7% y/y (vs. expected 3.5% growth), also at the weakest pace in a year.

Still, Szczurek pointed to continuously falling unemployment and rising wages as positive developments in the Polish economy.

For 2015, the government expects growth to pick up further to 3.8%. 

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