The European Commission maintained its estimates of Poland's GDP growth in 2020 and 2021 at 3.3 percent for each of the periods, results from the EC's winter forecasts.
Besides the EC slightly increased the HICP inflation estimate for 2020 to 2.7 percent y/y from 2.6 percent y/y.
The EC does not provide forecasts for other macro indicators in the winter round.
The report commented that the dynamics of private consumption growth will remain high in 2020 and will be driven by favorable labor market conditions, fiscal stimulation and high consumer confidence. Persistent wage growth will support private consumption, although higher inflation will reduce the purchasing power of households.