Poland
On the following pages we present an updated outlook on the Polish economy taking into account the latest economic releases for July and August. Polish GDP growth increased surprisingly in Q2 09 after declining sharply the last two quarters. However, we expect Polish economic activity to drop a bit further in the coming quarters as both private consumption and investments continue down. The drop in economic growth is expected to bottom out around Q4 09 and Q1 10 after which it will start to
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