Fitch raises Poland's 2019 growth forecast to 4.2 pct

Fitch noted that private consumption and investments will continue as the main driving forces of economic growth, and that public investments will be supported by a high absorption of EU funds. /PAP/EPA

Global ratings agency Fitch has raised its GDP growth forecast for Poland to 4.2 percent in 2019 from the previously expected 4.0 percent.

As for 2020, the agency upheld its forecast at 3.5 percent, and as for 2021, it was upgraded from 2.8 to 3.0 percent.

According to the agency, the decision to upgrade the forecast for 2019 resulted from the better-than-expected macro data recorded in the first half of 2019.

Fitch noted that private consumption and investments will continue as the main driving forces of economic growth, and that public investments will be supported by a high absorption of EU funds.

The agency does not expect any changes regarding the level of interest rates in Poland until the end of 2021. In its earlier forecast, Fitch wrote that interest rates in Poland were unlikely to change until the end of 2020.