Poland so far immune from fears of global slowdown
February's better than expected results of industrial output growth has laid to rest immediate fears that the economy will slow due to global recession.
According to the Central Statistical Office (GUS), the annual growth of industrial output sold amounted to 14.9% last month, while in the construction sector alone, growth stood at 21%. According to experts, rapid growth in the sectors with a strong share of export sales dispelled fears that a global slowdown reflects on the national economy. The Finance Ministry believes that GDP growth in Q1 might reach 6%, while previous estimates mentioned a figure of 5.5%. However, according to analysts, a negative effect of better than anticipated data of industrial growth might encourage another interest rate hike, which is expected to take place next week. (Parkiet, pp. 1, 2, 3; Rzeczpospolita, pp. B1, B5) M.M.
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