Positive Outlook Remains Unshaken

Despite our expectations for a slowdown in economic activity in Europe over the course of H210 and 2011, we continue to project a relatively robust performance for the Polish economy over the coming years. Forecasting 3.4% real GDP growth this year, we continue to see Poland's economic growth rate climbing over the medium term, expecting 3.9% and 4.0% real GDP growth in 2011 and 2012, respectively, and remaining above 4.0% through to 2014 thereafter. This reflects our positive outlook for private consumption and gross fixed capital formation in the Polish economy over the coming years, ultimately underpinning our view for Poland's long-term regional economic outperformance.

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