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%. 

Related Articles

Poland reportedly defies EU court injunction on logging in Unesco-listed forest

Poland will not comply with the Court of Justice of the European Union’s injunction on logging in the ancient Bialowieza Forest, a newswire report claimed on August 4. Warsaw’s stance in ... more

Polish regulator gives RBI new IPO deadline

Polish financial market regulator KNF on August 2 gave Raiffeisen Bank International (RBI) a new deadline of May 15, 2018 to float 15% of its Polish unit. Under the terms of its purchase of the ... more

Central Europe’s factories remain busy despite a summer lull in PMIs

Manufacturers in Central Europe reported a step back in activity and confidence in July, purchasing managers’ indices (PMI) released by IHS Markit on August 1 showed. While, the indicators still ... more