Moody's rating agency forecasts that real economic growth for Poland in 2017 will increase to 3.2 per cent from 2.9 per cent (which was forecasted in January). After a series of positive economic data, the agency has assessed that the perspective for economic growth in Poland – driven mainly by higher private consumption – has improved.
Above-mentioned economic data (released last week) showed that unemployment fell in February to a historic low 7.7 per cent level. That wages in the business sector went up by 4.3 per cent in January and 4 per cent in February, compared to an average 3.8 per cent growth in 2016. These factors impact on higher private consumption which is the main driver of increase in Poland, accounting for some 60 per cent of the country’s GDP.
However, the improvement comes on a variety of indicators, including rising export to Germany – the key trading partner of Poland. Moreover, higher utilization of EU funds is expected to escalate investment, Moody’s said. The Polish currency (zloty) has rallied over 3 per cent against the euro so far this year, and on Monday 27 March 2017 climbed a further 0.1 per cent.
Moody’s said in its report that Polish economy is showing signs of turnaround of last year’s growth slowdown. The minister of development and deputy prime minister, Mateusz Morawiecki, said that - according to government policy - Polish economy would increase even more, by 3.6 per cent this year.
Full report is available here: http://bit.ly/2oaiZfV
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