The Polish economy is revving up. In the first quarter of this year, gross domestic product grew by a whopping 7.4 percent, the highest figure in a decade.
In 2006, the country's GDP grew by 6.1 percent. The first-quarter data shows that this year may see a similar rate of growth, making Poland one of Europe's fastest growing economies. Among European Union member states, only Latvia, Lithuania, Estonia, Slovakia and Romania are growing faster than Poland. But, unlike in most of these countries, Poland's growth has been exceptionally stable, with low inflation and a stable external deficit.
Until recently, Poland's economic growth was chiefly driven by exports, which grew at a rate that sometimes exceeded 20 percent annually. Poland's 2006 exports totaled 87 billion euros, increasing over 22 percent from a year earlier and marking the best result for the Polish economy ever. In the first two months of 2007, exports grew by 16.4 percent. The economy ministry estimates that throughout 2007 they will total 102.5 billion euros, growing by 17 percent over 2006.
In 2006, the country's GDP grew by 6.1 percent. The first-quarter data shows that this year may see a similar rate of growth, making Poland one of Europe's fastest growing economies. Among European Union member states, only Latvia, Lithuania, Estonia, Slovakia and Romania are growing faster than Poland. But, unlike in most of these countries, Poland's growth has been exceptionally stable, with low inflation and a stable external deficit.
Until recently, Poland's economic growth was chiefly driven by exports, which grew at a rate that sometimes exceeded 20 percent annually. Poland's 2006 exports totaled 87 billion euros, increasing over 22 percent from a year earlier and marking the best result for the Polish economy ever. In the first two months of 2007, exports grew by 16.4 percent. The economy ministry estimates that throughout 2007 they will total 102.5 billion euros, growing by 17 percent over 2006.
cont. warsawvoice.pl/view/15031