GDP growth slows to 1.1% y-o-y in Q4
Poland’s gross domestic product amounted to just over PLN 444.8bn (approx. €108.2bn) in the fourth quarter of 2012, which in real terms translates into growth of 1.1% compared with the same period a year ago, according to a preliminary estimate from the Central Statistical Office (GUS). The result is better than market expectations, which averaged 0.9% y-o-y. By way of comparison, in Q3 2012 GDP grew by 1.4% y-o-y.
The main growth-supporting factor were net exports, which contributed 1.8 p.p. to economic growth. The contribution of domestic demand was negative at -0.7 p.p. Of this, consumption was -0.5 p.p., reflecting weakness in consumer spending, and gross capital formation -0.2 p.p.
In January GUS published a preliminary estimate of GDP growth in 2012 as a whole, which put growth last year at 2%.