Domestic Demand Story Holding Strong

Having come through the past 18 months very strongly, helping the Polish economy to ride out the global financial crisis relatively unscathed, consumer spending continues to hold strong in Poland and remains the fundamental growth driver of the economy. Real GDP grew by 3% year-on-year (y-o-y) in Q110, with private consumption contributing 1.5 percentage points to the growth rate - dwarfing government spending and net exports. Poland's ongoing outperformance continues to underline BMI's macroeconomic preference for domestic demand stories over export-oriented economies. Forecast real GDP growth of 3.4% in 2010 compares very well with the lacklustre 1.0% we expect for

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