Poland’s economic growth in 2014

The Polish economy increased by 3.3% in 201, according to preliminary data of the statistical authority CIS. Poland has a leading place in Europe, with a significant higher economic growth than the EU average.

The main driving force for the 4% economic growth in 2014 was domestic demand, which was attributed to strong private consumption. Also, investment activity increased by 9%. Exports were the driving force for economic business in the past few years, last year had no longer such a high influence in the growth dynamics.

However, analysts see the presented growth also proof that there has been a hindrance in the last quarter. Although, the production in industry rose in December 2014 by more than 8%, but only in comparison to the year before.

Compared to the previous month is decreased by 2%. According to the Economy Minister Janusz Piechocinski, were it not for the Ukraine conflict, the economic growth might have been higher, comparing to the previous year had the 4% mark been exceeded. The forecast for the Polish economic growth was revised by the European Commission, output in the autumn of 2014 was increased to 3.3% from the original 3%.

Source: Wirtschafts-Markt Polen Ausgabe 217
Date: 02/2015