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Lewiatan Business Index slips in September


The annual PKPP Lewiatan Business Index shed two points in September to stand at 49 points, dropping below the 50-point mark for the first time this year, the Polish Confederation of Private Employers (PKPP) Lewiatan announced. The quarterly index fell three points to 50.

According to PKPP, we should expect economic activity to weaken gradually in the fourth quarter of the year compared with Q3. However, GDP growth for the year is still expected to be a solid 4%.

The Confederation explained that the deteriorating outlook for Poland’s macroeconomic performance was due exclusively to external factors, notably the escalating global financial crisis, and that the Polish economy was growing at such a robust pace that any slowdown brought about by global weakness was likely to be delayed. The financial situation of enterprises and banks remains very strong and the budget deficit for 2011 is expected to be lower than expected, making the country well prepared for new external shocks.

The PKPP Lewiatan Business Index is constructed on the basis of market prognoses prepared by Poland’s leading economists for the current quarter, half year and full year. It is measured on a 100-point scale, where a score of 50 corresponds to an economic growth forecast of around 4% of GDP annually.

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