Central Statistical Office publishes GDP growth figures for 4Q2017
Central Statistical Office has published preliminary data for the fourth quarter of 2017. The end of 2017 brought strong GDP growth figures. The national statistics institution estimates the economy was developing at that time at the rate exceeding 5 percent. This is very good news. According to the data collected and processed by Central Statistical Office, Polish economy has been the strongest since 2008, the years when a global economic slowdown started. 5.1% growth dynamic did not come as a surprise. The latest results are in line with the predictions of economic experts.
The reason behind the strong GSP growth are good consumer spending and investment figures. In the fourth quarter of 2017 there has been an increase visible in particular with respect to government and self-government investment endeavours. This is good news, especially taking into consideration the fact that investment data were not so good in the first half of the year. Finally, we see an improvement in this area, which translates into good standing of the Polish economy as a whole.
The experts of PKO Bank Polski, the biggest bank in Poland, expressed the belief that 2018 will be a good time for the Polish economy and enterprises, just like 2017 turned out to be. The Ministry of Finance are very content as the goal assumed in the budget act for 2017 presumed annual GDP growth of 3.8%. Better than expected economic growth will translate into higher budget revenue.
Although the 5.1% growth reported by Central Statistical Office looks impressive, the figure does not take into consideration the various number of days each quarter has. Seasonally adjusted figure is 4.3 percent. This is lower, but still puts Poland at the forefront of the latest Eurostat ranking of EU economies. The entire eastern Europe is showing some good GDP figures, with Romania taking the lead with unmatched 7 percent.