Poland's economic growth more than doubled in the first quarter of the year, flash estimates from Statistics Poland showed on Wednesday.
Gross domestic product grew a seasonally adjusted 1.4 percent from the fourth quarter of 2018, when the economy expanded 0.5 percent. In the third quarter, GDP rose 1.5 percent. On a year-on-year basis, GDP increased 4.6 percent in the first quarter, same as in the previous three months. The seasonally non-adjusted GDP rose 4.6 percent annually in the first quarter, after expanding 4.9 percent in the final three months of 2018. Economists had expected the growth rate to ease to 4.4 percent. The better-than-expected growth is likely due to net exports, ING economist Jakub Rybacki said.
"Current account data showed a strong downward revision to March imports, resulting in a better trade balance," the economist noted. "We expect the deceleration was caused mainly by the investments component, while private consumption maintained stable (4.2%YoY) growth."
Rybacki expects further slowing in the GDP annual growth rate to 4.3 percent in the second quarter, mainly due to weaker contribution of net exports.