Commentary Economy

Poland and Hungary at the top of European economic growth

Poland and Hungary’s economies will be the second fastest growing in the European Union, according to the European Commission after it raised its forecasts. The EC also foresees higher private consumption and an increase in investments in Poland.

The EC has stated that the economic growth forecast for Poland in 2019 has been increased from 4.2 percent to 4.4 percent, as well as Hungary’s to 4.4 percent GDP.

According to the summer prognostics, Malta is to have the fastest developing economy with a growth of 5.3 percent. Poland’s growth in 2020 is forecasted to be 3.6 percent. The average of the EU is to be 1.4 percent in 2019 and 1.6 percent in 2020.

In February the EC forecasted that Poland’s growth will slow down to 3.5 percent and in 2020 to 3.2 percent. In Fall 2018 the EC estimated that these numbers will be 3.7 and 3.3 percent accordingly. In 2018 Poland’s economic growth amounted to 5.1 percent.

The institution also reported that Poland’s GDP growth in the first quarter of 2019 was strong at 1.5 percent from quarter-to-quarter, mostly due to investments and consumption.

Inflation in Poland will rise from 1.2 percent in 2018 to 2.1 percent in 2019, and then to 2.7 percent in 2020. A rapid rise in salaries will have a strong impact on the prices of services.

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