Poland GDP Growth Revised Higher In Q3

(RTTNews) - Poland's economy expanded more than initially estimated in the third quarter, the latest data from Statistics Poland showed on Monday.

On a seasonally adjusted basis, gross domestic product advanced 0.9 percent annually in the third quarter, slightly faster than the 0.8 percent increase in the second quarter. In the flash report, the rate of growth was stable at 0.8 percent.

The expenditure breakdown showed that final consumption expenditure grew 3.5 percent, and gross fixed capital formation was higher by 7.1 percent. Net exports also contributed positively by 0.2 percent.

On a year-on-year basis, GDP growth accelerated to 3.8 percent in the third quarter from 3.0 percent in the previous quarter.

Seasonally unadjusted GDP expanded 3.8 percent annually in the September quarter, following a 3.3 percent rise in the second quarter. The latest growth was revised upward from 3.7 percent.

Poland's manufacturing activity continued to remain in contraction in November, survey data from S&P Global showed.

The manufacturing purchasing managers' index, or PMI, rose to 49.1 in November from 48.8 in October. However, a PMI reading below 50 suggests downturn in the sector.

The rise in the PMI since October reflected slower falls in output and employment and a greater lengthening in suppliers' delivery times, which was offset by faster declines in new orders and stocks of purchases.