Poland’s economy is recovering after a phase of weakness and may grow more than the government and central bank predict, according to Deputy Finance Minister Jacek Dominik.
“It looks like it’s starting to improve,” Dominik said in an interview today in Vilnius, Lithuania, where he attended a meeting of European Union finance chiefs. “We’ve had two or three quarters with not that good results, but we have a sign of recovery,” he said, adding that he sees growth of “between 1 and 2 percent.”
Poland is benefiting from the revival of the euro-area economy, which emerged from the longest recession in its history last quarter and buys half of the country’s exports. Earlier this month, Prime Minister Donald Tusk forecast economic growth may exceed the government’s prediction of as much as 1.5 percent. The central bank sees an expansion of 1.1 percent.
In the second quarter, gross domestic product rose 0.8 percent from a year earlier after increasing 0.5 percent in the three months through March.
“We had a much greater slowdown than we expected, but now it looks like things are picking up,” Dominik said. “It’s extremely difficult right now to be very precise, because we have just a few months” of improving indicators, he said.
Polish industrial production increased the most in 18 months in July and the gauge of manufacturing output climbed for a second month in August, according to a survey of purchasing managers.