20:23 10 February 2020
Euler Hermes confirms economic slowdown of Poland
The expected slowdown in Poland's economic growth in 2019 has been confirmed. Real GDP increased by 4 percent in the year as a whole, which means a decrease from 5.1 percent in 2018 and reaching a value slightly below the consensus forecast (+4.2%), according to preliminary estimates.
Information on the demand side is available only partially but indicates that the main driving force of growth in 2019 was domestic demand (+3.6 pp), while the contribution of net exports was +0.4 pp. Private consumption increased by 3.9 percent, which means a decrease from 4.3 percent in 2018.
Thanks to continued use of EU funds for eligible projects, fixed investments still recorded an increase of 7.8 percent in the last year, although slightly below the level of 8.9 percent obtained in 2018.
For 2020, Euler Hermes forecasts a further year-long slowdown in the economic growth of 3.2 percent, but with a gradual recovery in the following quarters.
(WBJ)
