Polish economy barely grew in Q1

Preliminary data show Polish economy grew annual 0.4 percent in Q1, below market expectations

Associated Press

WARSAW, Poland (AP) -- Official figures show that Poland's economy barely grew in the first quarter of the year.

The Central Statistical Office said Tuesday that its preliminary data show the Polish economy was only 0.4 percent bigger in the first quarter, in non-seasonally adjusted terms, than the same period a year before.

The consensus in the markets was that the annual growth rate would remain more or less at the fourth quarter rate of 0.7 percent.

On a quarterly and seasonally-adjusted basis, Poland's economy grew just 0.1 percent from the previous quarter, a tad ahead of the previous quarter's unchanged rate.

The former communist country has enjoyed a booming economy for years as it works to catch up with the West but it has been shaken by the crisis in Europe.

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