Firming Labour Market Supports 2010 Growth Outlook

Although Poland's economy slowed to a 0.5% q-o-q seasonally adjusted expansion in Q110, from the 1.1% q-o-q real growth seen in Q409, we are encouraged by the fact that economic activity continues to be buoyed by private consumption - which we see remaining firm as labour market conditions improve. Indeed, we believe that Poland will be regional outperformer in 2010 due to the nation's strong domestic demand story, and reiterate our 3.4% real growth forecast for the year.

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