Data released on the Polish economy: Inflation increased by 1.7 percent in year-on-year terms in October, according to the country’s Central Statistical Office (GUS). In September, the price of consumer goods and services in Poland was 1.9 percent higher than in the same month last year. The government surplus rose to 3.2 BLN zlotys in September, that’s around 820 million US dollars.
International Monetary Fund forecast the Polish economy to grow by around 4.5 percent this year, and 3.5 percent in 2019. The IMF also described the challenges lying ahead for the Polish Government, such as an ageing population and low labour productivity.
Moreover, in its report, the IMF noted that unemployment in Poland has dropped to a historically low level, accompanied by reduced income inequality and poverty levels amid higher social spending. The Polish Finance Minister Teresa Czerwińska, has welcomed the IMF’s predictions that Poland’s general government deficit will drop to a record low of 0.3 percent of the GDP this year and that the country’s structural deficit will fall to 1.25 percent of the GDP, combined with a decline in the debt-to-GDP ratio of less than 50 percent.