POLAND: GDP grows by 4.3% in 2011
27.01.2012, 11:49The Polish economy expanded by 4.3% last year, according to a preliminary estimate released by the Polish central statistical office GUS.
The figure was in line with the most optimistic projections. In 2010, the country's GDP y/y growth came to 3.9%.
Value added in the national economy rose by 4.0% y/y, up from 3.9% y/y in the prior year. Broken down by sectors, the growth amounted to 6.3% in industry (down from 9.4% in 2010), 11.8% in construction (up from a 6.4% increase in 2010), 4.6% in the market services sector (up from 2.6%), and 5.1% in transport and warehousing (down from 6.5%).
Domestic demand rose by 3.8%, against a 4.6% real growth in 2010. Total consumption increased by 2.1% and individual consumption marked a 3.1% growth (in 2009, the respective indicators came to 3.5% and 3.2%).
Gross fixed capital formation increased by 8.7% last year, following a 0.2% contraction in 2010. The investment ratio (gross fixed capital formation to GDP in current prices) rose from 19.9% in 2010 up to 20.3% a year later.
Although no detailed breakdown is available for preliminary figures, it seems evident that the growth was mainly due to domestic demand and company investments.
According to government projections, the 2012 GDP growth is set to reach 2.5%, whereas Poland's central bank is expecting a 3% increase.
Real GDP growth year-on-year:
2011: +4.3%
2010: +3.9%
2009: +1.6%
2008: +5.1%
2007: +6.8%
2006: +6.2%
2005: +3.6%
2004: +5.3%
2003: +3.9%
2002: +1.4%
2001: +1.2%