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Once again, Poland proves to be the bright spot in not only Eastern Europe, but the whole of the recession-hit Europe. It is pretty impressive.
From the business report news2biz POLAND:
According to the central statistical office GUS, the Polish economy expanded by 1.7% y/y in Q3 2009, following a 1.1% growth in Q1 (seasonally unadjusted).
Over the first three quarters of the year, the Polish GDP grew by 1.2%, which bodes well for the full-year result.
Average projections had seen the Q3 figure reaching 1.3-1.6%.
The key drivers in Q3 were net exports and total consumption.
Negative factors included lower gross fixed capital formation and investments.
The gross value added in the Polish economy rose by 1.8% y/y in July-September. Industry saw the figure drop by 0.2%, the construction sector experienced a 7.2% growth, while in the market services sector the gross value added rose by 2%.
Domestic demand shrank by 1.2%, while total consumption increased by 2%. Gross fixed capital formation declined by 1.5% against the corresponding period of last year, while the investment ratio (gross fixed capital formation to GDP in current prices) topped 19.5% against 20.5% in Q3 2008.
GDP growth y/y:
Q3 2009: 1.7%
Q2 2009: 1.1%
Q1 2009: 0.8%
Q4 2008: 2.9%
Q3 2008: 5.0%
Q2 2008: 5.9%
Q1 2008: 6.1%
Q4 2007: 6.6%
Q3 2007: 6.6%
Q2 2007: 6.6%
Q1 2007: 7.5%
From the business report news2biz POLAND:
According to the central statistical office GUS, the Polish economy expanded by 1.7% y/y in Q3 2009, following a 1.1% growth in Q1 (seasonally unadjusted).
Over the first three quarters of the year, the Polish GDP grew by 1.2%, which bodes well for the full-year result.
Average projections had seen the Q3 figure reaching 1.3-1.6%.
The key drivers in Q3 were net exports and total consumption.
Negative factors included lower gross fixed capital formation and investments.
The gross value added in the Polish economy rose by 1.8% y/y in July-September. Industry saw the figure drop by 0.2%, the construction sector experienced a 7.2% growth, while in the market services sector the gross value added rose by 2%.
Domestic demand shrank by 1.2%, while total consumption increased by 2%. Gross fixed capital formation declined by 1.5% against the corresponding period of last year, while the investment ratio (gross fixed capital formation to GDP in current prices) topped 19.5% against 20.5% in Q3 2008.
GDP growth y/y:
Q3 2009: 1.7%
Q2 2009: 1.1%
Q1 2009: 0.8%
Q4 2008: 2.9%
Q3 2008: 5.0%
Q2 2008: 5.9%
Q1 2008: 6.1%
Q4 2007: 6.6%
Q3 2007: 6.6%
Q2 2007: 6.6%
Q1 2007: 7.5%
