Poland will see faster GDP growth in coming years: central bank

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Poland will see faster GDP growth in the coming years, driven by investment and consumption, according to a projection by the country’s central bank (NBP).

“Despite an expected acceleration in private consumption, associated among other things with the introduction of the [Law and Justice government’s flagship child benefits] Family 500+ programme, GDP growth in the second half of the year will remain at a lower level than in previous quarters,” the bank said.

But the economy will pick up speed in the years ahead, the bank added.

In subsequent years, along with increased use of funds from the new EU budget, GDP growth will accelerate, and a key driver of growth, as in 2014 and 2015, will be consumption, the bank said.

The European Commission last week lowered its growth forecast for Poland in 2016 to 3.1 percent from 3.7 percent. The forecast for 2017 was lowered to 3.4 percent from an earlier 3.6 percent.

Poland’s development and finance minister Mateusz Morawiecki predicted in October that the Polish economy was set to grow 3.4 percent this year,

Morawiecki said that in 2017 the Polish economy would grow 3.6 percent.

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