In its latest Inflation Report, released on Tuesday, the National Bank of Poland (NBP) said that, compared with its July projection, “the outlook for growth in the external environment of the Polish economy deteriorated.”
The Polish central bank added that this "probably" contributed to slower GDP growth in the third quarter of this year.
The bank also said that weaker external demand and increased “uncertainty about the outlook for foreign trade” have affected current and projected economic activity in the enterprise sector.
It added that recent months have seen "deteriorating sentiment" in industry and construction, “which was reflected, among others, in lower production in these sectors.”
The central bank also forecast in its latest report that Poland’s GDP would grow by 3.3 percent in 2021.
In its July projection, the bank said it expected the Polish economy to grow 4.5 percent this year, 4 percent in 2020 and 3.5 percent in 2021.
The Polish economy grew 4.5 percent in the second quarter of this year, the country’s Central Statistical Office (GUS) said in August in a final estimate.
The country’s central bank chief, Adam Glapiński, said in early October that the Polish economy was in "excellent" shape and on track to grow 4.3 percent in 2019.
Glapiński admitted last month that the Polish economy was set to lose some of its momentum amid a global slowdown, but added the country’s GDP growth would remain solid.
Last week the European Commission lowered its forecast for Polish economic growth this year and next.
(gs/pk)
Source: PAP, nbp.pl