WARSAW: A set of GDP revisions from the Central Statistics Office (GUS) showed that the Poland’s economy grew at a faster than previously judged rate in the 4TH quarter of 2014, advancing at an annual rate of 3.3% in large part to increased kick from public consumption,.
Public consumption grew a heady 6.4% year on year in Q4 to account for 1.2 pps of the 3.3% headline GDP growth rate. That contribution figure was up 0.5 pps from the initial estimate. Public consumption in Q3 had also provided a larger kick than previously thought, revisions to prior data showed.
Household consumption and investments, in turn, grew at slightly slower rates than previously thought and provided a bit less kick than seen in prior readings.
The Polish government expects economic growth stabilization in 2015 at the 2014 rate of 3.4% in 2015 and acceleration to an above-potential 3.8% rate in 2016, the Finance Ministry wrote in a document on steps aimed at reducing excessive public finance sector deficit.
