EC raises Poland's growth forecast to 4.4 pc in 2019

The European Commission in its summer forecast raised its projection for Poland's GDP growth this year to 4.4 percent from 4.2 percent and maintained its 3.6 percent growth projection for 2020. The Harmonised Index of Consumer Prices (HICP), an inflation gauge used by the European Central Bank, is expected to reach 2.1 percent in 2019 and 2.7 percent in 2020, up from the previously expected respective figures of 1.8 and 2.5 percent. "Private consumption is expected to strengthen in the second half of 2019 and in early 2020, as new fiscal transfers and tax cuts increase household disposable income. Together with strong wage growth and favourable labour market trends, this is expected to support consumer confidence," the EC wrote.