- According to GUS data, the unemployment rate in Poland increased to 5.0% in July from 4.9% in June. The Polish economy grew by 1.5% quarter-on-quarter (QoQ) in the second quarter, while growth in the first quarter was revised upwards to 0.8% QoQ (from 0.5% QoQ). Year-on-year (YoY), gross domestic product (GDP) increased by 3.2% (following a 2.0% YoY growth in the first quarter, the fastest GDP growth in nearly two years). Both household consumption (4.7% YoY) and gross fixed capital formation (2.7% YoY) increased, while external demand also made a positive contribution (exports +3.4% YoY, imports +5.4% YoY). In addition to private consumption, the Polish economy was also supported by higher public spending (10.7% YoY).
- Final data confirmed a 0.1% quarter-on-quarter decline in the German economy in the second quarter, while GDP stagnated year-on-year. According to the Ifo Institute, German business sentiment deteriorated again in August (current situation assessment and future expectations), with the economy increasingly struggling with the crisis. According to preliminary estimates, German CPI inflation slowed to 1.9% YoY in August (market estimates 2.1% YoY). The slowdown in inflation gives the European Central Bank (ECB) room to lower interest rates.
- The euro weakened against the dollar, giving up gains from last Friday and ending the day below the 1.11 USD/EUR level. The Polish zloty weakened against the euro to 4.30 PLN/EUR (awaiting information on next year’s budget approved by the government). On Friday morning, it was slightly above the 4.28 PLN/EUR level. Against the dollar, the zloty weakened to above 3.87 PLN/USD.
AKCENTA CZ a.s.
Source: https://managerplus.pl/polska-gospodarka-byla-w-ii-kwartale-napedzana-glownie-przez-konsumpcje-99234
