In the third quarter, GDP increased 1.4% over the same quarter last year, which was below both the 2.3% expansion recorded in the second quarter and market expectations of a 1.8% increase. In fact, the reading represented the slowest pace of economic growth observed since the second quarter of 2009. Compared to the previous quarter, economic growth increased a seasonally adjusted 0.4% (Q2: +0.2% quarter-on-quarter). The deceleration in the third quarter was mainly driven by a deterioration in the domestic sector. Private consumption added a meagre 0.1% in the third quarter (Q2: +1.2% year-on-year), while government consumption expanded 0.2% (Q2: +0.5% yoy). In addition, gross fixed investment swung from a 1.3% increase in the second quarter to a 1.5% contraction in the third. Moreover, a negative shift in inventories also contributed to the deterioration in domestic demand. On the external side, exports expanded 0.7% (Q2: +2.6% yoy), whereas imports fell 3.7% (Q2: -3.1% yoy). As a result, the external sector's net contribution to overall economic growth fell from 2.7 percentage points in the second quarter to 2.1 percentage points in the first.
GDP expands at the slowest pace in more than three years
November 30, 2012
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Poland GDP Chart
Note: Year-on-year changes of GDP in %.
Source: Central Statistical Office (GUS) and FocusEconomics Consensus Forecast.
Poland Economic News
October 12, 2016
According to the Central Statistical Office (GUS), consumer prices recorded flat growth over the previous month in September, which followed the 0.2% decrease recorded in August.
October 5, 2016
As anticipated by market analysts, the National Bank of Poland (NBP) decided to keep the reference rate at the record low of 1.50% at its 4–5 October monetary policy meeting.
October 3, 2016
The Manufacturing Purchasing Managers’ Index (PMI) rose from August’s 51.5 to a six-month high of 52.2 in September, according to IHS Markit.
September 30, 2016
According to a preliminary estimate released by the Central Statistical Office (GUS) on 30 September, consumer prices recorded flat growth over the previous month in September, which followed the 0.2% fall recorded in August. In annual terms, consumer prices dropped 0.5% in September, which was a less pronounced decline than the 0.8% fall recorded in August.
September 30, 2016
The manufacturing sector business climate index decreased from 4.8 points in August to 3.3 points in September, according to the Central Statistical Office’s Business Tendency Survey (GUS-BTS).