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Home > Polish Property and Real Estate Articles > Economy kicks into high gear
Economy kicks into high gearArticle added on: 2010-09-03 |
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Poland's economy is picking up speed and accelerating faster than economists' forecasts, easing concerns about global recovery. In August, the Purchasing Managers’ Index (PMI) advanced to 53.8 from July’s six-month low of 52.1, HSBC Holdings Plc revealed, citing a survey by Markit Economics. HSBC points out that Poland’s PMI rose to a 37 month high with the fastest growth in production seen since March 2007. Growth in domestic demand contributed signi!cantly to the !gures in August as consumers increased purchases encouraging companies to rebuild inventories. Meanwhile, growth of new export business slowed to its lowest level since October of last year. "The good news is that the improvement apparently resulted from domestic demand," said Kubilay Ozturk, an economist at HSBC in a statement. "Domestic consumption was the main factor in Poland’s avoiding recession in 2009." Poland's PMI has remained above the 50-point threshold for the past 10 months, which suggests an overall improvement in the business climate. Earlier last week, Poland’s Statistical Agency (GUS) said that growth in the second quarter came to a year-on-year increase of 3.5 percent, which fairs better than the 3.2 percent analysts had predicted. Poland's was the only EU economy to see GDP growth last year, with a 1.8 percent increase for the year, showing that it's in better shape than most of its peers. |
Published courtesy of New Poland Express
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