Polish economy set to grow 5.5 percent

The Polish economy should grow by 5.5 percent year-on-year in 2004, local media quoted central bank board member Halina Wasilewska-Trenkner as saying. Wasilewska-Trenkner said Friday current trends indicated that was the minimum growth to be expected from the surging Polish economy. Economic growth in the first quarter of 2004 hit a seven year high of 6.9 percent. In 2003, the Polish economy grew at a year-on-year rate of 3.8 percent. Central bank concerns about economic overheating led to an interest rate hike of 50 basis points earlier this week. Most analysts expect further rate rises as the year progresses. Strong economic growth has fed into an increase in inflationary pressures. Inflation in May came in at a year-on-year rate of 3.4 percent.