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Home > Polish Property and Real Estate Articles > Polish GDP shows solid growth in 2009
Polish GDP shows solid growth in 2009Article added on: 2010-01-29 |
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While most of Europe fell into recession last year, Poland's economy grew faster than expected, fuelled by domestic consumption, infrastructure spending and a slump in the zloty that helped buoy Polish exports. The Central Statistical Office reported on Tuesday that GDP rose by 1.7 percent in 2009, compared to 5 percent in 2008. The number was slightly higher than economists' mean expectations of 1.6 percent, although estimates ranged from 1.4 to 2 percent, according to TVN24. Initial figures show investment in 2009 fell a modest 0.3 percent and domestic demand fell by 0.9 percent, but many areas of the economy experienced growth. Construction spending – helped by EU subsidies for road construction and spending for Euro 2012 – rose by 4.7 percent and private consumption rose 2.3 percent. The insulation of Poland's economy from the global downturn was one reason for the strong results. "The main reason that Poland was so successful is the size of its domestic market and its being less reliant on exports than other countries in the region," BPH economist Monika Kurtek told Rzeczpospolita. But the decline in the zloty in 2009 did bring help bring in customers from abroad. For instance, many Germans bought cars in Poland last year because the exchange rate made them cheaper than those sold at home. Statistics have shown for months that the Polish economy grew throughout 2009, but at the beginning of last year, many forecasters were convinced that a recession was unavoidable. As late as last spring, The IMF predicted a 0.7 percent drop in GDP for the year, while the EC predicted a decline of 1.4 percent. By mid-year, it was clear that these predictions were too pessimistic. Final numbers for Q4 2009 will not be released until early March, but it is already clear that the economy continued to gain momentum throughout the year, which should have a positive impact on 2010. "This was the result of a stable rate of consumption and higher levels of investment. The GDP data is a good prognosticator for the budget situation and the bond market," Rafal Benecki, a senior economist at ING Bank Slaski, told Gazeta Wyborcza. While Poland's growth numbers were not as spectacular as in some past years, they shined in comparison to the rest of the EU, which fell into recession last year. The European community as a whole noted a 4 percent decline in GDP, while the region's largest economies – Germany and Britain – saw declines of 5 percent and 4.8 percent respectively. Other "new" EU members were also not spared during last year's global economic slowdown. Hungary experienced a financial crisis that required IMF and EU rescue packages, while the Baltic states saw their economies shrink by amounts in the teens. |
Published courtesy of New Poland Express
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