Main Statistical Office reports that industrial output in 2003 was higher than expected

It also increased by 1.8% from November 2003. Such positive results do not surprise market analysts, who predicted that those sectors, where sales are predominantly exported, would influence the dynamic development. According to experts, it is nearly certain that GDP growth recorded at the end of last year must have exceeded 4%. According to Michał Dybuła, BNP Paribas main economist, the economy was developing at a pace of between 4.1% to 4.2%. Throughout 2003 the GNP increased by 3.6%, which is higher than anticipated even by former Finance Minister, Grzegorz Kołodko, who was accused of being overly optimistic. Analysts agree that the positive influence of exports on the national economy will continue through the coming several months, even if the złoty makes gains. "Polish companies have already found contractors abroad. They will not lose them just because the Euro will be cheaper by zł. 0.20. Besides, we can expect that the demand from foreign markets will continue to rise," said BZ WBK economist, Maciej Reluga. (Parkiet, p. 7) A.K.