Polish GDP increased in 2014 by 3.3 percent – according to the latest CSO data. – Last year was better for Polish economy than 2013 and 2012. The most recent data is not, however, particularly good news. It shows that, GDP growth slowed down in the last quarter – says Łukasz Kozłowski, an expert of Employers of Poland.
2014 turned out to be good in comparison with the previous two years that were marked by a deep economic downturn. Last year Polish economy pulled out of these problems and entered a phase of recovery. Domestic demand grew stronger, mainly due to an increase in private consumption. Companies also begun to stock up and start new investment projects, which also contributed to a surprisingly strong improvement of the labour market situation. In contrast, net exports no longer have a positive impact on the dynamics of Polish GDP. However, this is a natural process in the period of economic recovery – when import usually grows at a faster pace than exports.
However, the CSO data is moderately negative. It shows that in the last quarter of last year GDP growth slowed down to approx. 3 percent year on year. And it seemed that the third quarter was the worst for the Polish economy, especially as there were signs of economic recovery in last months of 2014.
Łukasz Kozłowski, expert of Employers of Poland