Poland ranks third in GDP growth within the European Union
Poland has had the third best year on year GDP growth for EU countries according to new figures published by Eurostat.
In the first quarter of 2019 the Polish economy grew by 4.6 percent compared to the same period last year. This outstrips the growth predicted by the World Bank and remains at the same level of growth as in the last quarter of 2018.
Poland was only outperformed by Romania with 5.1 percent growth and Hungary with 5.2 percent growth over the period. The 28 states of the European Union combined averaged a mere 1.5 percent growth with EURO currency members performing even worse. The 19 country EURO currency block only managed 1.2 percent growth, nearly a quarter of that achieved by Poland.
The growth in GDP follows on from impressive results in 2018 with 5.3 percent in the second quarter of 2018 and 5.6% in the third quarter of that year. Since the beginning of 2017 Poland has enjoyed growth of above 4.5 percent each quarter. While many experts have predicted a deceleration in that growth the latest data shows the opposite.
The International Monetary Fund also predicts a slowdown in growth but it had an optimistic outlook for the future of the Polish economy.
"According to the latest analyses of the International Monetary Fund, GDP in Poland will continue to grow over the next five years. This growth will oscillate around 3 percent annually, which is a slowdown compared to the last two years, when the GDP growth was around 5 percent annually," said a report by the Polish Economic Institute.
In January Polish Prime Minister Mateusz Morawiecki said: “A 5.1 percent GDP growth in 2018 is one of the best results in Europe. The dynamism of Polish businessmen and potential of Polish workers have produced a result, having built a solid foundation of economic expansion. We have continued a policy linking dynamic development with social responsibility.”
The European Bank for Reconstruction and Development (EBRD) has since raised Poland’s GDP growth forecast for 2019 to 4.1 percent from their previous forecast of 3.6 percent.
The results of the policies PM Morawiecki implemented are still evident in the latest data, the foundation remains solid and economy continues to expand.