Monitor spending closely

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GDP increased markedly in the first half of 2004, driven by strong increases in inventories and exports. Activity should continue to be robust in 2005, although less so than in the beginning of 2004. Export growth should decrease slightly, in part due to recent appreciation of the zloty.
An investment recovery is under way, but is likely to gain force only in 2006. Employment is expected to expand moderately in 2005, and more robustly in 2006, as investment picks up.The effect on the budget deficit of a relaxation of government spending in 2004 has been partly offset by robust growth; with the moderation of GDP growth projected by the OECD, public expenditure targets will need to be monitored closely and even reinforced if medium-term fiscal sustainability is to be preserved. Although the upturn in headline inflation may be only temporary, increases in central bank interest rates have been appropriate in the light of wage growth and the budgetary position. Further increases may be necessary if inflationary pressures continue
Population (000s), 200338 195
Area (000 sq km)313
GDP (Billion USD), 2003209.5
Life expectancy at birth (Women, Men), 2002 78.7, 70.4
Total labour force (000s), 200317 009
Government typeRepublic
Indicators% change unless otherwise indicated
GDP growth5.44.34.5
Consumer price index3.33.03.4
Short-term interest rate (%)
Unemployment rate (%)19.118.417.6
General government financial balance (% GDP)-5.4-4.7-4.3
Current account balance (% GDP)-1.5-2.1-2.2
Source: OECD© OECD Observer No 245, November 2004

Economic data

GDP growth: -1.8% Q1 2020/Q4 2019
Consumer price inflation: 0.9% Apr 2020 annual
Trade (G20): -4.3% exp, -3.9% imp, Q1 2020/Q4 2019
Unemployment: 8.4% Apr 2020
Last update: 9 July 2020

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