Poland’s imports are projected to continue to grow faster than exports in the coming months, propelled by the expected investments rebound and continued robust consumption, the daily Rzeczpospolita writes citing economists.
In April exports rose by a mere 0.6%, the weakest rate since October last year and a stark contrast to the average rate of 11.2% in Q1, while imports rose 3.4% year on year following an 18.9% jump in March, NBP data showed.
The April data may indicate that the expected investment recovery did not start as of the beginning of Q2, but it is just a matter of time, BZ WBK economists commented. Investment pick-up will visibly speed up imports and lead to a reduction of exports’ net contribution to GDP, even despite exports accelerating too, Credit Agricole economists wrote in their latest report.
OECD raised the forecast regarding Poland’s GDP growth, with new estimates for 2017 showing 3,6% growth and for 2018 – 3,1%. It will be driven mainly by surging individual consumption caused by higher wages and social transfers.
In other news, Polish inflation stood at 1.9 percent year-on-year in May, according to the Central Statistical Office (GUS).
Over the previous months, the price of the statistical basket of goods had remained the same, GUS said.The highest jump was seen in transport prices, which increased by 4.2 percent over the previous twelve months, GUS said. Meanwhile, food prices increased by 3.9 percent since May 2016.
Source: The Warsaw Voice, Radio Poland, Business insider Polska
