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HSBC: GDP growth to be 2% in 2013


2012-09-28



HSBC has lowered its forecast of GDP growth in Poland this year and next. The bank now expects the Polish economy to expand by 2.5% in 2012, instead of 2.7%, and by 2% in 2013, compared with an earlier projection of 3.1%.

Agata Urbanska, HSBC’s Central and Eastern European Economist, commented that while economic growth in the first half of 2012 had been broadly in line with expectations, the latest monthly macroeconomic indicators, most notably measures of consumer and business confidence and labour market conditions, suggested that the anticipated slowdown of activity would be deeper than previously thought. This, coupled with deteriorating outlook for the European and global economies, led HSBC to adopt a revised forecast of 2% growth in Poland in 2013.

The bank maintained its 2012 forecast for the eurozone at -0.6% but cut the projection for next year to -0.1% from 0.3%.



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