According to the most recent data on the Polish economy published by the Central Statistical Office (GUS), the upward growth trend has been maintained and previous forecasts have been exceeded.

As GUS reported late last week, the GDP growth in the second quarter of 2010 will be 3.0-3.3%. The unemployment rate drops down continuously – it was 11.6% in June, i.e. fifth month in a row with a better result as compared to the month before (11.9% in May). At the same time, the average salary has increased by 3.5%.

In its latest report GUS also provided the results concerning the retail sale. The retail sale increased by 6.4% in June as compared to June, 2009 (after the reported growth by 4.3% year-on-year in May) and by 4.1% as compared to May this year. The highest sale growth has been reported for pharmaceuticals industry (20.4%), furniture and home appliances industry (19.7%), retail sale sector (sales by supermarkets and hypermarkets increased by 14.6%) and automotive industry (8.5% as compared to June, 2009).

The volume of new contracts concluded by the companies of the Polish industry sector has increased by 20.5% as compared to June, 2009 (following the growth rate of 9.9% in May). The industrial production growth of 14% has been reported both in May and in June; the best results have been achieved by exporters.

The positive development in the Polish economy has also been observed and confirmed by the World Bank. According to its recent report, the Polish GDP growth rate in 2010 and 2011 will be 3 and 3.7 percent accordingly. Also the Organization for Economic Co-operation and Development has increased its forecast as regards the Polish GDP growth in the current year up to 3.1%, and, in 2011, up to 3.9%.