Economic growth slows down, but exports are increasing faster than imports

The Polish economy is slowing down, as third quarter growth is expected to be lower than the first and second quarter figures of 6% and 5.2%, respectively. Industrial output grew by only 6.6% in the third quarter, while in the first half of the year the growth rate was near 10%. Faring worst are the construction and farming sectors, both recording lower output in the first three quarters of this year than in the same period in 1999. However, the Central Statistical Office (GUS) has good news as well - exports were 14.8% higher in the first eight months of this year than in the respective period in 1999, while imports increased only 10.5%. Domestic demand this year has been growing slower than the economy as a whole, according to GUS vice-president Janusz Witkowski. There were 2,520,000 unemployed persons in September, 340,000 more than a year earlier. The unemployment rate is currently 14%. (Gazeta Wyborcza, p.22)