Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Polish Economy Grew Faster in 2nd Quarter on German Expansion

Aug. 30 (Bloomberg) -- Polish economic growth grew faster than expected in the second quarter as a weak zloty and recovery in western Europe spurred exports.

Gross domestic product rose 3.5 percent from a year earlier, compared with 3 percent in the previous quarter, the Warsaw-based Central Statistical Office said today. The result exceeded the 3.2 percent median estimate of 11 economists in a Bloomberg survey.

Poland, the only European Union member to avoid a recession in 2009, was aided by demand from Germany, where GDP expanded at the fastest pace in two decades during the second quarter. The EU forecasts Poland will outperform again this year, growing 2.7 percent, compared with an average of 1 percent for the 27-member bloc.

“The impressive dynamics of Polish exports resulted from strong industrial recovery in Germany, supported by a weak zloty in May and June,” said Radoslaw Cholewinski, chief economist at Noble Bank in Warsaw, before the data release.

The zloty fell almost 7 percent against the euro from April 9, when the central bank bought foreign currency to weaken the zloty from a 16-month high, through the end of June. A weaker currency makes Polish exports cheaper.

First-half exports rose almost 29 percent from a year earlier, the biggest increase since April 2008, according to central bank data. Poland ships 25 percent of its exports to Germany.

Investment dropped annual 1.7 percent, compared with 12.7 percent decline in the first three months of the year. Domestic demand grew 3.9 percent and private consumption expanded 3 percent in the second quarter.

To contact the reporters on this story: Monika Rozlal in Warsaw at mrozlal@bloomberg.net Dorota Bartyzel in Warsaw at dbartyzel@bloomberg.net

To contact the editor responsible for this story: Willy Morris at wmorris@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.