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Friday, November 30, 2007

Poland GDP Q3 2007

Poland's economy expanded an annual 6.4 percent in the third quarter, a little faster than forecast, increasing concerns that the economy may be running above its long term capacity rate, and raising expectations that the central bank will raise interest rates further. Growth in gross domestic product in the period from July to September compared with 6.7 percent in the second quarter and 6.8 percent in the first quarter, according to the Warsaw-based Central Statistical Office.

The Polish central bank this week raised its benchmark interest rate to a more-than two-year high of 5 percent, the fourth increase this year, on concerns inflation may accelerate further above target. Booming demand for cars, furniture and household appliances has been triggered by an average 10 percent increase in wages this year and a record pace of job creation.

Domestic demand grew 7.4 percent and consumer demand increased 5.2 percent, while investments rose 18.8 in the third quarter, the office said. Production grew 6.6 percent and construction was up 12.6 percent, the office said.

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