Polish economy grew annual 1.1 percent in Q4

AP News
Posted: Mar 01, 2013 9:34 AM

WARSAW, Poland (AP) — Official figures show that Poland's economy grew a better-than-expected 1.1 percent in the fourth quarter of 2012 from the same period the previous year.

The increase reported by the Central Statistical Office was above market expectations and has encouraged hopes that the country's economic slowdown may be coming to an end. In the third quarter, Poland grew an equivalent 1.4 percent.

Growth in the whole of 2012 was 2 percent, way down on the 4.3 percent rate the year before.

However, domestic demand, which has been a major driving force, fell by 0.7 percent, a first downturn since Poland moved to a market economy in 1990.

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Analysts at Capital Economics say the figures, along with recent indicators, suggest that Poland is emerging from its economic slowdown.