It is time for brave decisions

The growth of the Polish economy has gain momentum. We expect that the subsequent quarters will see a sustained economic growth of ca. 3.5-4.0% (whole year forecast up to 3.5% from 3.2%). The published PMI for August confirmed our optimistic projection for a clear rebound in the manufacturing sector. We also expect that the other monthly economic indicators will evidence an improvement on July data. Despite the fact that in the reminder of the year we envisage a slower rise in the growth of export orders and production, the construction industry should witness an upturn and additionally improvement of the situation on the labour market should support private consumption. Yet, we remain cautious as regards the forecast for the next year and we sustain our GDP projection of 3.5%, mostly, due to the global risks. more »