Growth Pole

28 May 2009 By Ian Campbell

The surprise answer is Poland. It may be located in the heart of troubled Central Europe. But it avoided the credit boom, ran a prudent economic policy and has competitive industry. What s more, its floating currency and Germany s car scrappage scheme have helped its exports.

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Polish GDP expanded an annual 0.8% in the first quarter, the Central Statistical Office announced on May 29.

Eurostat, the EU's statistical body, reported that 27 European countries recorded an average 2.5% fall in GDP in the first quarter compared with the fourth quarter of 2008.

The Polish central bank kept its interest rate unchanged for the second month at 3.75% on May 27. It has cut its interest rate from 6% last November. A further is widely expected in June.

The IMF approved a oneyear $20.6bn flexible credit line for Poland in May, which the government sees as precautionary financing.

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