Moreover, a continued rise in investment loans to enterprises and a steep growth in mortgage loans to households additionally support this opinion. Those members of the Council also pointed out that activity in the euro area will be the weakest in the countries most severely affected by the debt crisis, whose links with the Polish economy are not particularly close.

Few members of the Council indicated, instead, that the economic slowdown in Poland may be more severe than previously anticipated. In the opinion of those members of the Council, this scenario is supported by worsening investment outlook of enterprises combined with the expected weakening in the public sector investment activity.

MPC members also pointed out that current data on industrial output, construction and assembly output and retail sales indicate that growth continues to be relatively strong.