RTTNews - Friday, Poland's Central Statistical Office announced that the gross domestic product or GDP increased 1.1% year-on-year in the second quarter, faster than the 0.8% growth seen in the previous quarter. Economists expected an increase of 0.5%. The GDP had grown 5.9% a year ago.
Domestic demand dropped 2% on an annual basis in the second quarter, while the private consumption expenditure increased by 1.9%. Total consumption expenditure grew 1.7%.
Gross fixed capital formation decreased 2.9% in the second quarter compared to the previous year. At the same time, investment ratio was 19.3% versus 20.4% in a year ago.
Sequentially, the GDP at constant prices increased a seasonally adjusted 0.5% in the second quarter, rising from 0.3% increase in the first quarter. On an annual basis, the GDP grew a seasonally adjusted 1.4%, slower than the 1.7% growth in the first quarter.
In a note, analysts at Danske Research said recovery in the Polish economy already began in the second quarter and they expect economic activity picking up further in the second half of 2009.
The positive outlook for the Polish economy puts an end to further monetary easing in Poland, Danske Research said.
On August 26, the Narodowy Bank Polski retained the reference rate, which is the benchmark interest rate, at 3.5% for the second month in a row.
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