Poland GDP growth [Polish business]

Poland GDP growth

May 21, 2016
• Poland - Gross domestic

WARSAW-Poland's gross domestic product growth unexpectedly slowed to 3.3% in annual terms in the second quarter of this year from 3.6% in the first quarter, the country's statistics office said in a flash estimate Friday.

Economists polled by The Wall Street Journal had expected growth of 3.6% in the second quarter.

In seasonally adjusted terms, the economy expanded 0.9% from the first quarter, compared with a growth rate of 1% between January and March.

The statistics office said Friday it estimates first-half economic growth at 3.4%, compared with the first half of 2014, when the Polish economy grew 3.6%.

In the second quarter of this year, the lower-than-expected growth figure was due to a weaker expansion in manufacturing, while construction had a neutral impact. Domestic demand was positive, while real purchasing power of wages in the corporate sector rose 4.1% in the second quarter, compared with growth of 5.8% in the first quarter.

External demand was likely positive for GDP in the second quarter, said Maria Jeznach, director at Poland's statistics office.

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