Polish Economy Grows 7.4% In First Quarter

June 1, 2007
Industry working at 84% of capacity says the government.

On a 12-month comparison, the Polish economy grew by 7.4% in the first quarter of this year, official data showed last week. First-quarter growth also accelerated in comparison with the final three months of 2006, when gross domestic product expanded by 6.6%.

Economy Minister Piotr Wozniak said that Polish industry was now working at an unprecedented 84% of capacity. "We can't do more, nor can we go faster. This means we are likely to enter into a period of new investments," Wozniak said.

Poland's GDP grew by 5.8% in 2006.

The Polish government has forecast that the full-year rate for 2007 will hit 6%. Analysts, however, said they were cautious about the government prediction, saying that the authorities need to cut spending, taxes and red tape, or risk lower than expected GDP growth.

Copyright Agence France-Presse, 2007

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