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Poland: First Signs of Recovery from Crisis

Published: July 25, 2013; 16:02 · (Vindobona)

Deputy Finance Minister Janusz Cichon expressed his optimism about the country’s soon economic recovery via Twitter by referring to Poland’s industrial performance and retail sales in the last month.

Poland: First Signs of Recovery from Crisis / Picture: © Flickr

“Economic rebound is a fact, retail sales have accelerated to the highest level in a year,” he said. According to him, most economists would share his opinion that the worst is behind Poland. Cichon regards it the time when the economy is “bouncing off the bottom”.

On Wednesday the Deputy Finance Minister told reporters he considered the economic growth forecast of 1.5 percent annually for 2013 realistic due to the latest optimistic signs from the real economy and external environment.

"We hope that this assumption is realistic," Cichon announced in regard to the current GDP forecast for 2013 of the Finance Ministry, referring to favorable signals from the domestic market ‑ industrial output and retail sales ‑ and external environment. "As far as Germany is concerned, today we have a clear PMI growth; all of that arouses optimism and faith that this 1.5% GDP growth is realistic."

Retail sales in Poland increased 1.8 percent on a year-on-year comparison and 1.5 percent on a monthly rate, the Central Statistical Office (GUS) announced on Tuesday. Industrial output increased by 3.0 percent on a year-on-year comparison and by 2.8 percent on a monthly basis. Last week, Ludwik Kotecki, chief economist at the Finance Ministry, said the economy in Poland might grow by around 1 percent this year, as forecast by the National Bank (NBP). GDP growth in the first quarter came at 0.5 percent year-on-year.