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Poland's economy grew more than thought in Q1

Poland's economy grew annual 0.5 percent in Q1, slightly more than previously thought

Associated Press

WARSAW (AP) -- Official figures show that the Polish economy grew a little more than previously thought in the first quarter of the year.

The Central Statistical Office said Wednesday that the economy grew 0.5 percent on an annual basis, slightly higher than the 0.4 percent growth estimated earlier this month.

Despite the upgrade, Poland's growth is slowing — in the fourth quarter of 2012, it grew at an annual 0.7 percent rate.

The country has enjoyed dynamic growth for years, avoiding recession during the global crisis of 2008-09. Economists blame some of the slowdown on shrinking domestic growth.

On a quarterly and seasonally-adjusted basis, Poland's economy grew just 0.1 percent, slightly above the previous quarter's unchanged rate.

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