S&P raises Poland's GDP growth forecast for 2021

Rating agency Standard and Poor's (S&P) has raised Poland's economic growth forecast to 5.1 percent in 2021 from the 4.5 percent expected earlier.

At the same time, S&P has lowered its forecast regarding Poland's economic growth in 2022 from 5.4 percent to 5.3 percent, the company said in a report published on Monday.

According to S&P experts, private consumption supported by a strong labour market and loose fiscal policy will continue to be the driving engine of economic growth.

Investments in the coming years will grow mainly because of the implementation of the EU Next Generation programme and the Polish New Deal.

In its June report, S&P Global Ratings wrote that Poland's economy would expand by 4.5 percent in 2021, and by 5.4 percent in 2022.