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Poland’s Economy Shrinks More Than Expected

“Poland’s economy slowed less than economists forecast in the fourth quarter as exports helped offset weakening consumer spending, taming arguments for more interest-rate cuts.

Gross domestic product climbed 1.1 percent from a year earlier, which was the slowest pace since the second quarter of 2009 and compared with a 1.4 percent increase in the previous three months, the Warsaw-based Central Statistics Office said today. Economists expected a 0.9 percent increase, according to the median of 32 estimates in a Bloomberg survey. GDP grew a seasonally adjusted 0.2 percent from the previous quarter, defying expectations for the first contraction in four years.

The European Union’s largest eastern economy has been battling the worst slowdown in three years as the euro area, its biggest trading partner, fell into recession. The central bank has responded by cutting interest rates by 1 percentage points since November and Governor Marek Belka said last month the fourth quarter “didn’t bring a further drastic deterioration” in economic conditions….”

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