Polish economy grows by 1.3% in third quarter

Poland’s economy grew by 1.3 per cent in the third quarter of 2010 compared to output in the previous three months and rose 4.7 per cent on a 12-month comparison, an official estimate showed yesterday.

The data was published on a seasonally adjusted basis by the national statistics office (GUS), which pointed to domestic demand in the EU state of 38 million as the main driver behind growth.

“In the third quarter of 2010, real growth in seasonally adjusted GDP was 1.3 percent compared to the previous quarter and was 4.7 per cent higher than (in the third quarter) a year ago,” the GUS said.

“Domestic demand in the third quarter of 2010 was 4.2 per cent higher than the same period in 2009,” it added.

In September, Poland’s central bank chief Marek Belka said the country’s economy could expand by four per cent this year after having grown by 1.7 per cent in 2009 and so distinguishing itself the only member of the 27-state EU to have avoided recession last year.

In 2008, the economy expanded by five per cent compared with the previous year.

Poland’s economy grew by 1.1 per cent in the second quarter of 2010 compared to output from the previous three months and rose 3.8 per cent on the same quarter in 2009, according to an official estimate issued in August. Seasonally adjusted output had grown by 0.5 per cent in the first quarter of 2010 compared with output in the previous three months, also fuelled by domestic demand. Growth stood at 2.8 per cent in the first quarter on an annual basis.

The International Monetary Fund has forecast that the Polish economy will grow by 2.75 per cent this year and by 3.25 per cent in 2011.

In an estimate issued Monday, the European Commission said it expected Poland’s would score 3.9 per cent growth in 2011.