Poland's Q3’15 flash GDP growth trend set to continue

Poland's Q3'15 GDP growth flash estimate is expected to come in at 3.4% yoy (NSA). The statistic base effect will be supportive for Q3 data. In recent months, we have observed far weaker retail sales growth (both in nominal and real terms) and moderate growth in industrial production - slightly better than in Q2'15. Also, due to ongoing solid growth in wages and employment, private consumption is expected to have contributed significantly to GDP growth in Q3'15. 

"We expect an acceleration in growth in investment (7.5% yoy, up from 6.4% in Q2'15), owing to the supportive low interest rate environment", notes Societe Generale.