The Polish economy will grow just 3.5% in 2020, said Poland’s biggest lender, the state-controlled PKO BP, trimming its previous forecast of 3.7%.
Analysts forecast a further slowdown in the first half of 2020.
The weak data marks the continuation of the downturn in Poland’s manufacturing segment, despite some improvement in sentiment in European industry.
The result shows a considerable slowdown in Latvian economic growth versus the adjusted growth of 1.8% y/y in the third quarter. A slowdown in manufacturing dragged the economy down.
The breakdown of the data shows household consumption – the main driver of growth in recent years – weakened last year, as did investment. The figures also point to a sharp y/y deceleration of economic growth in the fourth quarter.
Sales thus decelerated their growth rate in comparison to the 4.5% annual expansion in the eleventh month. Retail sales have been on an uninterrupted growth track since 2015.