Preliminary data show Polish economy grew annual 0.4 per cent in Q1, below market expectations

WARSAW, Poland – Official figures show that Poland’s economy barely grew in the first quarter of the year.

The Central Statistical Office said Tuesday that its preliminary data show the Polish economy was only 0.4 per cent bigger in the first quarter, in non-seasonally adjusted terms, than the same period a year before.

The consensus in the markets was that the annual growth rate would remain more or less at the fourth quarter rate of 0.7 per cent.

On a quarterly and seasonally-adjusted basis, Poland’s economy grew just 0.1 per cent from the previous quarter, a tad ahead of the previous quarter’s unchanged rate.

The former communist country has enjoyed a booming economy for years as it works to catch up with the West but it has been shaken by the crisis in Europe.