Poland’s economy grew 0.5 percent in 1st quarter of this year

Poland’s economy grew 0.5 percent in 1st quarter

WARSAW, Poland — Poland’s economy grew by 0.5 percent in the first quarter, expanding at a slower pace than in the previous quarter during a particularly harsh winter but still on track for a strong full-year performance amid Europe’s broader financial and economic turmoil.

The quarter-on-quarter growth figure released Monday by the Central Statistical Office compared with growth of 1.1 percent in the last three months of 2009.

The numbers were largely in line with economist’ expectations, said Maja Goettig, chief economist with Bank BPH in Warsaw, attributing the less robust growth to the harsh winter.

Goettig said she believes the country can achieve 3 percent overall growth in 2010. She and other economists expect growth to accelerate later in the year.

“We’re satisfied with this figure,” Goettig said.

The data released showed that gross domestic product rose 2.8 percent compared with the first quarter of 2009.

Poland, a country of 38 million people, has done better than many of its neighbors during the past three years of economic turmoil.

It was the only European country that consistently posted growth during the global economic downturn — expanding by 1.7 percent last year. It is the largest of 10 ex-communist countries that joined the European Union in recent years, and its large domestic market helped buoy the economy during the rough times.

It also benefited from being less dependent on exports than neighbors such as the Czech Republic and Slovakia.

Goettig said that domestic consumption remains “the main driver to GDP growth,” and that the newest figures show factories are rebuilding inventory.