Poland: GDP growth falls to 4.8 percent from 6.9 percent in January

10-12-2004, 17:31


Warsaw (Puls Biznesu) – GDP growth in Poland in the third quarter fell to 4.8 percent. In the first quarter the economy grew at a pace of 6.9 percent. Analysts were not surprised as the first quarter boom was connected with EU accession and everybody expected slower growth.

But investments fell dramatically although analysts expected that they would be economic engine in the third quarter. Investments in tangible assets grew only by 4.1 percent in comparison to the same period of 2003, while in the second quarter it was 3.7 percent. ‘I am very disappointed. We still have no bases for economic growth. I expected investment dynamics to be twice as big’, Malgorzata Krzysztoszek, head of experts of the Polish Confederation of Private Employers said. The Finance Ministry assured that GDP data are not bad. ‘They do not reflect economic slowdown’, Miroslaw Gronicki, the Finance Minister said. But next year, it will probably be impossible to keep the growth rate from the end of 2004, which should amount to 5.6-5.7 percent.

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Puls Inwestora / Poland: GDP growth falls to 4.8 percent from 6.9 percent in January