GUS confirms the economic, but jobless, recovery

According to data published yesterday by the Main Statistical Office (GUS), full-year GDP growth of about 3.5% is still possible. The economy is accelerating, which is proven by growing industrial output, especially in the processing, service and construction sectors. This is still too little to substantially impact on the level of unemployment. "I am pleased with the third quarter results. They confirm that the positive trends in the economy have long term prospects," said GUS deputy president Janusz Witkowski. He added that the final result for the third quarter should not be worse than for Q2 when GDP grew by 3.8%. Industrial output increased by 11.1% in September and by 7.5% over the three quarters of 2003. Out of 29 sectors of industry, 21 posted better results than a year ago. Labor efficiency, as measured by production sold per employed, grew by 11% after the third quarter. (Rzeczpospolita, p. B2) M.M.