Moody’s upgrades Poland’s GDP growth forecast

Polish industrial production

The Moody’s rating agency has upgraded Poland’s 2017 GDP forecast to 3.2 percent from an earlier projection of 2.9 percent, according to a report published on Monday.

According to the agency, Poland’s GDP growth will be boosted by increasing private consumption.

The Moody’s report also noted that unemployment fell in February and that wages in the business sector went up by 4.3 percent in January and four percent in February, compared to an average 3.8 percent growth in 2016.

These factors indicate higher private consumption, which is the main driver of growth in Poland, accounting for some 60 percent of the country’s GDP, the report added.

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