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Economic growth at high level
( 02 / January / 2005 )
In 2004, Polish GDP amounted to 5.4%. This is a much better result than in 2003. The end of last year saw a high increase in investments which might lead to a stable economic growth.
In 2004, the GDP at the level of 5.4%, was the highest in 7 years. Poland witnessed growth in industry and service sectors as well as agriculture. There was a growth in domestic demand which rose by 4.9% as compared to the previous year. Last year, Poland experienced a significant export growth. Revenues of companies have increased as well as their overall efficiency.
Information concerning investments are very optimistic. During the first three quarters of 2004 they increased by 3.7%, and throughout the whole year –by 5.1%. It is estimated that the investments in the last quarter were some 7.1- 7.8% higher then in the previous months. At the end of 2004, companies producing investment goods increased their sales by 35%. In addition, companies intensified their activity preparing land for new constructions.
Minister of Finace, Mirosław Gronicki, announced that, he would like to increase the annual salary growth rate from 4.5 to 5%. The reason is that inflation is not a threat to Polish economy anymore. The salaries are supposed to rise anyway, because of predicted inflation drop.
Year 2005 should be a period of stable growth rate, caused mainly by investments. Most economists predict a double-digit growth this year. According to them, companies will more often decide to increase production capacities thanks to the EU funds. The foreign investments flow will also be a result of EU accession.