By Wojciech Kosc in Warsaw Polish GDP expansion slowed down to a seasonally adjusted 4.4% y/y in the second quarter (chart) after a revised growth of 5.6% y/y in the preceding three months, the Central Statistical Office (GUS) said in a flash estimate on November 15. While still fairly strong, the reading – which came in slightly above the consensus line – confirms earlier analysis that falling inventories were about to weigh on economic activity in the second half of the year after strongly pushing up growth in Q1. “The economy has entered a slowdown phase and the reversal of the inventory cy…