– The latest CSO data indicating GDP growth of 3.3 percent year to year in the second quarter show that the economy will expand more slowly than might have been expected until recently – says Jacek Brzozowski, expert of the Employers of Poland.
GDP growth is in line with expectations but it should be noted that they were revised downward in the last weeks. Even in the spring - seeing good prospects for the second and third quarters - we were hoping that the annual GDP growth could exceed 3.5 percent. Today, however, it seems that it may be difficult just to maintain the current growth rate. Unfortunately, despite the growing domestic demand and high investment growth we must acknowledge the fact that in the coming quarters the negative impact of external factors (mainly weaker condition of major European economies and events in the east) will become increasingly visible. This is also due to the fact that it has been only in recent weeks that Polish economy started to feel the effects of barriers to trade with Russia and Ukraine. It can therefore be assumed that the results for the second quarter were not affected by this situation and in subsequent quarters effects of restrictions to exports to eastern markets will become more noticeable. It will be an important test for our economy - and especially for entrepreneurs - showing their flexibility and the ability to find clients outside the traditional export markets.
Jacek Brzozowski, expert of Employers of Poland