GDP growth accelerates to 3.5% y-o-y in Q2

2010-09-06

Poland’s gross domestic product amounted to just over PLN 345.1bn (approx. €86.1bn) in the second quarter of the year, which translates into growth of 3.5% compared with the same period a year ago, according to a preliminary estimate from the Central Statistical Office (GUS). The result exceeded market expectations, which averaged 3.3% y-o-y.
The main driving force was domestic demand, which contributed 3.8 percentage points to GDP growth in Q2 (of this figure, consumption delivered 2.2 p.p. while gross capital formation accounted for 1.6 p.p., thanks to stock rebuilding). The contribution of net exports was negative (for the first time for six quarters), at -0.3 p.p.
In Q1 2010 Poland’s GDP grew by 3% y-o-y.