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NBP's Belka sees inflation at good level, economy growing faster than expected

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Date: 2010-09-01 07:23

Poland's economy is developing in a better manner than it was expected until recently, governor of the National Bank of Poland (NBP) Marek Belka said during his meeting with asset managers from, among others, J.P. Morgan, Goldman Sachs, UBS, DWS, as reported by NBP's information portal nbpnews.pl.


The governor stressed that GDP growth (at 3.5% y/y in seasonally unadjusted or 3.8% in seasonally adjusted terms in Q2) was still below its potential pace. The growth driving forces are exports and public investments, including those financed through EU resources, and it is also buoyed by domestic consumption, he stressed.

According to Belka, consumer inflation is at a satisfactory level now. In July, CPI inflation inched down to 2.0% y/y vs. the NBP's target of 2.5% y/y.

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