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Polish GDP growth in 2014 reached 3.3 %; stabilization forecasts for 2015.

Despite difficult economic conditions in Europe (stagnation in the euro area, conflict in Ukraine), the Polish economy performs well - figures from the Central Statistical Office of Poland (CSO) are in line with expectations, but future remains uncertain.

In the previous year, the Polish economy was not significantly affected by poor performance of the Eurozone economies and by political and economic consequences of the Russian intervention in Ukraine (embargo, sanctions, decrease in turnover). According to the data presented by the CSO, the GDP growth reached 3.3%, which is better result than those from 2012 and 2013. Analysts indicate that this good result may be based primarily on the continued domestic demand. Consumption in 2014 increased by 9.4 %, while averaged annual growth in investments reached 9 %. Companies made better use of their production capacities and businesses employing more than 10 employees noted growth in retail sales.

Unemployment is also decreasing. At the end of 2014 it dropped to 11.5% from 13.4% recorded in the previous year. However, in this case, opinions differ: some believe that it is the result of economic growth, others that the reason is demographics, i.e. falling number of professionally active Poles.

In Europe (from Gibraltar to the Urals) very optimistic changes are not expected, but majority of experts forecast that Poland in 2015 will note a stable growth amounting to 3.5% of GDP with the unemployment rate around 11.5 %.

We should keep our fingers crossed that these forecasts will be fulfilled, as there is nothing better for the economy as secure and stable situation. We wish the same to our eastern neighbours.

28.01.2015