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Polish Second-Quarter Economic Growth Confirmed as Exports Surge

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Aug. 30 (Bloomberg) -- Poland’s economic growth accelerated in the second quarter as exports jumped.

Gross domestic product rose 0.8 percent from a year earlier, matching a preliminary estimate released Aug. 14, according to a statement today from the Warsaw-based Central Statistical Office. GDP growth quickened from 0.5 percent in the first quarter. The economy expanded 0.4 percent from the previous three months.

The European Union’s largest eastern economy is gathering speed as its main exports market, the euro area, emerges from its longest-ever recession. Polish industrial output grew at the fastest pace in 18 months in July, prompting Prime Minister Donald Tusk to say on Aug. 20 that “slow and gradual” recovery was “becoming a fact.”

Exports are “contributing strongly” to the improvements in Poland’s economy, Rafal Benecki, chief economist for Poland at ING Groep NV’s unit in Warsaw, said yesterday by phone.

The zloty gained to 4.2720 per euro as of 10:10 a.m. in Warsaw, up 0.2 percent from yesterday. The yield on 10-year government bonds fell 4 basis points to 4.448 percent.

Exports advanced 5.1 percent from a year earlier in the first quarter, the statistics office said. Private consumption increased 0.2 percent after holding unchanged in the first quarter, while fixed investment fell 3.8 percent after dropping 2 percent in the previous three months.

To contact the reporter on this story: Piotr Skolimowski in Warsaw at pskolimowski@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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