Bloomberg News

Poland Probably Grew Faster Than Estimated, Central Banker Belka Says

March 02, 2012

The Polish economy probably grew more than the 4.3 percent already estimated for 2011 as a weaker zloty helped absorb the “shock” of the European debt crisis, central bank Governor Marek Belka said.

“Last year’s growth of 4.3 percent -- that’s probably going to be revised upward somewhat,” Belka said today at the French International Relations Institute in Paris. “Within the year, we saw no signs of a slowdown whatsoever.”

The European Union’s largest eastern nation was the only member of the 27-member bloc to dodge a recession in 2009. It has benefited from EU funds to improve infrastructure and modernize production, while a weaker zloty has boosted exports even as its main trading partners grapple with a debt crisis.

The zloty climbed 0.55 percent to $3.0991 at 11:12 a.m. in Paris. Against the euro, the currency added 0.13 percent, to 4.1091, its first gain in more than a week.

Growth will probably slow moderately in 2012, Belka said. “This year the economy will perform pretty well, too,” he said. “We expect a slowdown, but everyone expects a slowdown.”

Belka also said the main medium-term concern for Polish policy makers is the euro area’s ability to evolve and address its internal imbalances.

“We are confident we can continue to grow well in the years ahead,” he said. “We’re very happy with Germany. Our only worry is the future of the euro zone. I’m optimistic about the existential aspect of the euro zone. The euro zone will not collapse. But it’s a source of instability for us.”

To contact the reporter on this story: Mark Deen in Paris at

To contact the editor responsible for this story: Craig Stirling at

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