Since 2012, economic growth has been high, driven by private consumption which accounts for about 70% of the economy. Growth has also been sustained by rising demand for exports.
Growth is expected to accelerate further in 2015 and 2016, by 2.8% and 3.5% respectively, driven by continued robust domestic demand and increasing exports to the Eurozone.
The Polish economy is expected to benefit from low energy prices and the rebound in the Eurozone, with GDP expected to grow 3.5% in 2015, based on robust domestic demand and increasing exports.
The impact of the Chinese stock market crunch of this summer and the renminbi devaluation should not be overestimated. The main long-term risk is an accelerating economic slowdown.