The year 2010 was the period of gradual recovery of the potential of the Polish economy, after slowdown observed in 2009. Taking into account other countries of the European Union, the economic performance of Poland looks very well, making Poland one of the European leaders. Incoming data indicate a persistent development in the world economy, and the main risk factor remains currently fiscal imbalances in many countries.
Nowadays the Polish economy is in an upward phase of next cycle. According to the CSO data in 2010 GDP growth amounted to 3.8%, as an effect of the increase in individual consumption of 3.2% and growth of stocks. At the same time the gross fixed capital formation were lower by 1.2%. The main factor of economic growth was the domestic demand. In the first half this year it’s estimated that GDP growth will be ca. 4.0% annually.
In the period of January-June 2011 sold production of industry went up by 7.4% in entities with more than 9 employees. The biggest increase was observed in manufacturing (by 8.1%).
In the period of I-VI 2011 production in construction rose by 20.8% in entities with more than 9 employees compared to corresponding period of 2010. This was primarily due to a low base (as a result of adverse weather conditions in the first months of 2010) and lasting improvement in economic activity in the construction industry.
In the 1st half of 2011 domestic trade results improved in the comparison with the same period of 2010. It was caused by limitation on the side of internal demand, determined by a gradual increase in salaries pace in real terms and increase in employment. Volume of retail sales increased by 7.6% in entities with more than 9 employees.
According to preliminary CSO data in the period of January-June 2011 the volume of the exports – counted in current prices – amounted to EUR 55.2bn and was by 18.0% higher than year before. The volume of imports stood at EUR 60.5bn and was by 17.3% higher than in the previous year. The negative balance of foreign trade turnover reached a level of EUR 5.4bn and deteriorated by EUR 0.5bn. Among the main recipients of Polish goods were Germany (26.1% of Polish exports), France (6.6%) and UK (6.6%). The largest share of Polish imports came from Germany (21.9%), Russia (11.5%) and China (8.8%).
Full report on Poland’s economic performance in the 1st half of 2011 and main macroeconomic indicators please find attached below.