Poland economy grows less than expected in Q2
2012-08-30 12:55:45
Poland's economic growth slowed for the second straight quarter and at a faster-than-expected pace, preliminary data from the statistical office indicated Thursday.
Gross domestic product grew a non-seasonally adjusted 2.4 percent year-on-year, following 3.5 percent expansion in the first quarter. Economists had forecast 2.9 percent growth. The latest pace of growth is the weakest in more than two years.
Weaker consumption and a decline in investment were largely to blame for the growth slowdown, the agency said. Domestic demand declined 0.2 percent, the first drop since the third quarter of 2009. The drop deducted 0.2 points from GDP growth.
On a seasonally adjusted basis, GDP grew 2.5 percent annually in the second quarter, after increasing 3.5 percent in the previous three months. The economy expanded 0.4 percent from the first quarter, when it grew 0.6 percent.