Q1 GDP growth upped to 3.4%
22:50
Poland’s gross domestic product growth amounted to 3.4 percent year-on-year in the first quarter of 2014 compared to 2.7 percent y/y in Q4 2013, according to a revised estimate published by the Central Statistical Office (GUS) on Friday. An earlier flash estimate put the Q1 2014 figure at 3.3 percent y/y.
Compared to the previous quarter GDP grew by 1.1 percent, GUS said. In Q4 the figure was 0.7 percent quarter-to-quarter.
The data show that fixed investment grew by 10.7 percent y/y in Q1, while domestic demand grew by 3.0 percent y/y.
Fixed investment grew at the fastest pace since 2008, BZ WBK economists wrote in an e-mailed comment. This increase was however largely due to weather conditions, much better than a year before, they said.
“We maintain our forecast of GDP growth at 3.5 percent y/y in 2014 (it is still one of the market’s highest), but we see a rising probability of a better result, provided there is no softening of economic recovery in the euro zone,” the analysts added.
