A strong rise in consumption together with rising exports and a recovery in investment propelled Poland’s economic growth to nearly 5% in the third quarter, its fastest pace in five and a half years, official data showed on Thursday, Reuters reported. Economic growth accelerated to 4.9% year-on-year in the third quarter, above an earlier estimate of 4.7% and among the fastest rates in the European Union, compared with 4% in the three months to June. A breakdown of third-quarter growth published for the first time on Thursday showed total consumption added 3.2 percentage points to the annual growth rate, foreign trade 1.1 percentage point and investment added 0.6 point. In seasonally-adjusted terms, the economy grew by 5.2% year-on-year in the third quarter and 1.2% quarter-on-quarter. Private consumption rose by 4.8% year-on-year, supported by a record low level of unemployment and wages rising at their fastest pace in years. Investment, seen by analysts as crucial to the growth outlook, rose by 3.3% year-on-year following a decline of nearly 8% in 2016.
