“Investment is returning to the growth path,” bank PKO BP said in a note. “The dynamics of investment should gradually rise over the remaining part of the year.”

Investments declined last year partly due to a slowdown in the inflow of European Union funds. However, a Polish deputy economy minister said earlier this year that the economy could receive a “very strong” impulse from EU funds.

“Despite negative statistical base effects, economic growth in the second quarter should be maintained at 4 percent and this will take place thanks to investment demand,” economists at mBank said in a note.

Further supporting the investment case, the Polish zloty currency has appreciated about 13.7% against the U.S. dollar since the mid-December lows.

PLND and EPOL do not hedge their currency risks so an appreciating zloty has helped bolster U.S.-dollar denominated returns.

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