Polish Economy Grew Faster in 2nd Quarter on German Expansion

Polish economic growth grew faster than expected in the second quarter as a weak zloty and recovery in western Europe spurred exports.

Gross domestic product rose 3.5 percent from a year earlier, compared with 3 percent in the previous quarter, the Warsaw-based Central Statistical Office said today. The result exceeded the 3.2 percent median estimate of 11 economists in a Bloomberg survey.

Poland, the only European Union member to avoid a recession in 2009, was aided by demand from Germany, where GDP expanded at the fastest pace in two decades during the second quarter. The EU forecasts Poland will outperform again this year, growing 2.7 percent, compared with an average of 1 percent for the 27-member bloc.

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Asia Slowdown to Have `Serious’ on Affect Europe, Economy Chief Rehn Says

Slower economic growth in China, India or other Asian economies would have a “serious negative impact” on Europe’s growth, the European Union’s economic chief said.

Olli Rehn, the EU commissioner for economic and monetary affairs, said yesterday in a Bloomberg Television interview that a slowdown in the U.S. recovery and turmoil in the sovereign debt markets also could cause concern in Europe.

Strengthening global growth helped Europe’s economy show the fastest expansion in four years in the second quarter after the Greek budget crisis earlier damped confidence in the euro currency and forced governments to step up deficit-cutting measures. Euro-area growth is likely to decelerate in the second half of the year as signs of a slowdown in the U.S. and China dim export prospects.

In the U.S., the world’s biggest economy, the Commerce Department may revise lower its second-quarter growth rate to the slowest since the recovery began, according to the median forecast of economists in a Bloomberg News survey. China’s expansion eased to 10.3 percent in the second quarter and industrial production cooled more than forecast in June, data showed last month, signaling a deeper second-half slowdown.