The European Bank of Reconstruction and Development raises its GDP estimates but adds labour market faces major changes.
The European Bank for Reconstruction and Development raised Poland's GDP growth forecast for 2018 to 4.7 pct year on year, and to 3.6 pct year on year for 2019, up by 0.7 and 0.3 pct respectively, compared to May's forecasts, the bank said in a recent report.
Poland's GDP growth is expected to reach 4.7 percent in 2018, 3.9 percent in 2019 and 3.6 percent in 2020, the World Bank wrote in a Wednesday-published report raising its April respective estimates of 4.2, 3.7 and 3.5 percent.
The S&P Global Ratings agency has lowered its estimate of Poland's 2018 general government deficit to 0.9 percent of the country's GDP from 2.0 percent, the agency's report from Thursday shows.
Global ratings agency Fitch has raised Poland's GDP growth forecast to 4.8 percent from 4.4 percent in 2018 and to 3.6 percent from 3.4 percent in 2019, the agency's Friday report shows. Fitch expects that the Polish economy will start to cool down soon.
Economists say private consumption and government spending are key drivers for GDP growth in the second quarter
Poland is in fourth position in the European Union in terms of GDP growth per capita, according to data from the European Commission (EC), which compared the periods preceding two EU funding perspectives.
The situation on Poland's labour market is the best in the country's recent history, the debt of central and local government institutions is expected to fall, while the general government deficit is set to stabilise, the European Commission (EC) said on Wednesday.
Since the fall of communism, Poland has steadily been getting richer. Now the country is set to overtake Portugal in terms of GDP per capita adjusted by purchasing power parity (PPP), as a recent article in Rzeczpospolita highlights.
The Polish economy will expand at a 4.6 percent rate in 2018 and will slow down to 3.7 percent in 2019, PAP was told by Piotr Bujak, the chief economist of the country's biggest bank PKO BP.