23.07.2010: Industrial output suggests Poland’s growth faster than forecast
After a strong run of positive industrial production figures, June’s 14.5% year-on-year rise suggests that Poland’s GDP growth for the whole of 2010 may turn out to be higher than the 3.0% forecast by economists. Continually rising export sales stand behind the better-than-expected output results.
Trade figures for the first five months of 2010 show that exports are growing faster (17.8%) than imports (16.2%) in euro terms, as the trade deficit continues to narrow. Inflation is holding steady at 2.3% (CPI in the 12 months to June 2010), nudging up from from 2.2% in May. The reason – rising food prices caused by the floods this spring – means there’s no underlying cause for concern.
Bilateral trade between the UK and Poland continues to grow strongly, with Polish exports to the UK rising by 42% in the five months to May 2010 compared with the same period in 2009 (value £2.4 billion), while UK exports to Poland were up by 27% in the same period (value £1.3 billion).
Michael Dembinski - bpcc.org.pl