Report: Polish economy to accelerate to 3.1 percent in 2014
In its latest report, the Gdańsk Institute for Market Economics (IBnGR) estimates that Poland’s economy will grow by 3.1 percent in 2014, with GDP standing at 3.8 percent in 2015.
The report, published Monday, estimates that domestic demand in Poland in 2014 will reach 3.2 percent, while individual consumption will amount to 2.6 percent. Gross fixed capital formation will also rise, by 5.1 percent this year.
“In 2015 domestic demand will rise by 3.5 percent, thanks both to higher individual consumption (by 3.5 percent) and greater capital expenditure (by 6 percent). Domestic demand will spur on GDP in 2014-2015 more so than in 2013,” the report underlines.
IBnGR also estimates that in 2014 inflation will amount to roughly 1.3 percent on average throughout the year, ending with 2.1 percent. “Inflation below the NBP’s inflation targets means that this year we can expect a hike in the central bank’s interest rates,” the report adds.
The Institute also calculates that in 2014, exports will grow by 4.2 percent, and imports will grow by 4.6 percent. In 2015 those figures are estimated at 7 percent and 6.5 percent respectively.
