Preliminary assessments made by GUS show that in the third quarter, Poland’s GDP increased by 3.4 percent compared to the analogous period the year before. – GDP dynamics maintain a relatively stable level, particularly considering seasonally adjusted data. Domestic demand remains a fairly strong impulse for growth, though uncertain external conditions still prevent it from reaching its full potential – comments Łukasz Kozłowski, expert of Employers of Poland.
Polish economy is growing at a steady, relatively quick rate. Due to the preliminary nature of the estimations presented, the structure of GDP growth in the last quarter is not known yet. One might, however, expect previous tendencies to continue. Deflation does not encourage households to increase consumption, although the growing real income would be conducive to that. All in all, individual consumption dynamics should increase slightly. Accumulation is less stable. However, the experiences of previous years show that thus far all rapid, negative changes in reserves were compensated by a positive net export contribution. However, there are no premises indicating that the composition of factors had changed significantly over the last few months.
Given the current GDP dynamics, the job creation rate is very good. Economic growth maintains its decidedly pro-employment character. The recent revision of unemployment figures shows that the upturn on the labour market is picking up the pace yet again. Maintaining economic growth at a level over 3 percent year to year in 2016 should make it possible to lower the registered unemployment rate to 9 percent by mid-2016.
Łukasz Kozłowski, ekspert ekonomiczny Pracodawców RP