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GDP growth accelerates to 4.4% y-o-y in Q4


Poland’s gross domestic product amounted to a little over PLN 396.7bn (approx. €100bn) in the fourth quarter of 2010, which in real terms translates into growth of 4.4% compared with the same period a year ago, according to a preliminary estimate from the Central Statistical Office (GUS). The result was better than in Q3 and in line with market expectations.

The main growth-supporting factor was domestic demand, which contributed 5.6 percentage points to GDP growth in Q4 (of this, consumption delivered 3.2 p.p. while gross capital formation 2.4 p.p., mostly thanks to stock rebuilding). The contribution of net exports was negative at -1.2 p.p.

In January GUS published a preliminary estimate of GDP growth in 2010 as a whole, which put growth last year at 3.8%. We forecast that in 2011 the Polish economy will expand by about 4%.

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