Investment Acceleration

Our upward revision of Poland's growth forecasts this September, to 5.2% y-o-y from a previous 5.0% projection, continues to be justified by monthly data releases, and by the November 6 publication of the European Commission's two-year macroeconomic forecasts. According to the Central Statistics Office, Polish retail sales and industrial output have both continued to register double-digit growth since June. This means that third and final quarter GDP figures are unlikely to dip below 5%, even taking into account the higher base for comparison for the latter half of 2005, and potentially pose an upside risk to our present forecasts. The

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