Poland’s economic growth for all of 2008 looks to come in at slightly over 5 percent, according to the country’s Economy Ministry. Growth for the first quarter of the year was 6.1 percent, the second quarter was 5.8 percent and the third quarter was 4.8 percent. That compares quite favorably to EU nations, who saw a 0.2 percent drop in GDP for the third quarter of the year.
While the Polish economy is still solid, particularly in comparison to many European countries, there are certainly signs of slowing growth. According to the country’s Central Statistical Office (GUS), industrial sales increased by 2.9 percent month on month for October and 0.2 percent year on year. Retail sales in October rose 3.8 percent for the month and 7.9 percent over the previous year.
In the nine months to September, industrial sales were 6 percent higher than in the same period last year. Analysts at the Economy Ministry say Polish industry grew at a slower pace in the fourth quarter than projected. According to the ministry, industrial sales in the fourth quarter of 2008 were just over 2 percent higher than in the fourth quarter of 2007.
Sales rose in eight European countries but fell in 10, according to Eurostat, the EU’s statistical office. Romania, Poland and Slovakia recorded the highest increases in sales, 9.4 percent, 5.1 percent and 4.6 percent year on year respectively, while Latvia, Estonia and Spain recorded the sharpest declines, 14.4 percent, 8.5 percent and 7.8 percent respectively.
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