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Poland's relatively strong economy feels impact of global crisis


Despite strong fundamentals, the Polish economy could not escape the impact of the global crisis. The sharp weakening of business activity observed over the past two quarters was a direct consequence of collapsing foreign demand, deep uncertainty about the economic outlook and tighter and costlier credit. Latest macroeconomic data show that while the slowdown of GDP growth in Poland is not as deep as that suffered by other countries in the region, the economy appears to be stabilising at a lower level of activity, and a return to a rapid growth path in the coming quarters looks rather unlikely, especially given the softening of private consumption − the main engine of economic growth − in recent months.

Paweł Sionko
Construction Market Analyst, PMR

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