Poland beats 2010 growth forecasts (FT Blogs - BeyondBRICS)
Poland has clocked in a 3.8 per cent growth rate in 2010, one of the highest in the European Union, according to the country’s statistical agency.The higher-than-expected result was due in large part to strong domestic demand, with private consumption rising by 3.9 per cent as consumers rushed to buy goods before this year’s scheduled VAT rise. But investment fell by an unexpected 2 per cent, a worrying sign for thecountry’s future growth prospects.
The numbers will ease fears about the sustainability of Poland’s fiscal position. The deficit for 2010 is expected to be around 8 per cent of gross domestic product and public debt is approaching 55 per cent of GDP.
Taking GDP growth in 2009 (1.7 per cent) and 2010 together, the Finance Ministry has stressed that Poland is still the only EU country to grow in each of the two years.
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