Q3 growth at 4.8% but investments remain at dangerously low levels

This is disappointing news, but at the same time it is worth stressing that analysts were expecting that the GDP would grow by roughly 5%. However, the worst news is the fact that investments are still at a very low level, as expenditures on fixed assets in Q3 increased by 4.1% and 3.7% since the beginning of 2004. "This is too little for this level of economic growth," said Bartosz Pawłowski, ING BSK economist. Piotr Bielski, economist with BZ WBK, sees the situation from different perspective, "Until now, stocks were increasing in Q1 and later they added hardly anything to the GDP. Q3 was the third quarter in a row that witnessed growing stocks and their share amounted to 1.5% of GDP growth." Some analysts believe that this might be due to mistaken methodology, which did not recognize this factor as investments. (Parkiet, p. 7) M.M.