Latest GUS figures show growing unemployment and a growing economy

Figures released by the Central Statistical Office on Friday seem to indicate a low-speed economic recovery is underway which lacks the dynamism to make inroads into record 18.8% unemployment. GDP rose by 1.3% last year in real terms, confirming earlier forecasts. The economy grew by 2.1% in the fourth quarter, year-on-year. "All figures came in as expected, showing the economy is growing at a steady pace, but without any strong acceleration," said Jacek Wisniewski, analyst at Bank Pekao in Warsaw. Figures also showed a 4.7% year-on-year increase in retail sales last month, a modest pickup from 4.1% in January. The consumer and exports helped keep growth positive during a two-year slowdown, during which investment and construction activity slumped. Figures also showed foreign trade remained relatively healthy last year with exports rising 13.6% in dollar terms, while imports rose 9.6%. (Reuters) A.Z.