Economic growth

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In 2014, the estimated GDP growth in Poland amounted to 3.3% as compared with economic growth of 1.7% achieved in 2013. The signs of economic recovery that appeared in the second half of 2013 were reinforced in the following year. 

Domestic demand was the main source of economic growth in 2014, it increased by ca. 4.6% after an increase of merely 0.2% in the previous year and was supported by both, consumption and investments. Households consumption increased by 3.0% in 2014 vs. an increase of 1.1% in 2013 thanks to systematic improvement on the labour market and price stability, what translated into higher purchasing power of households. In 2014, a significant intensification of investment activity was observed. Gross fixed capital formation increased by 9.4%, after an increase of merely 0.9% in 2013. Foreign trade decreased the GDP growth in 2014 by 1.2 p.p., while the positive contribution of net exports to the GDP in 2013 amounted to 1.5 p.p.

In 2015, the GDP growth is expected to stabilize at the level of ca. 3.3%. Economic growth should still be based on domestic demand, in particular on consumption growth. Since the process of accepting Poland's operational programs by the European Commission is prolonged, the beginning of public investments cycle financed by the EU funds under the 2014-2020 financial perspective may be delayed. As a consequence, in 2015, the overall fixed investments growth is likely to be lower than in the previous year. Economic outlook will be affected by increasing uncertainty associated with the situation in Russia, limitations in food products export to the eastern markets as well as a potential slowdown in economic growth in the largest emerging markets.