Poland Economic Outlook
June 7, 2022The economy expanded strongly in the first quarter, beating market expectations. A marked accumulation of stocks shielded against supply side disruptions and drove the acceleration. Strong, albeit softer, private consumption growth amid a healthy labor market further supported activity. The pace of economic growth should moderate in Q2, partially due to a waning low base effect. Industrial activity cooled in April, likely weighed down by supply chain constraints, while inflation continued to soar. Business sentiment remained subdued in April and May, while the PMI moved into contractionary terrain in May. That said, retail sales skyrocketed in April. Meanwhile, the government terminated its agreement with Russia to receive gas, while parliament approved a judicial reform to meet EU demands, paving the way to receive EU recovery funds.
Poland Economic GrowthThe economy looks poised to expand at a softer pace this year than in 2021, amid a tougher base of comparison and elevated commodity prices. That said, EU fund inflows, accumulated savings and robust investment activity should buttress growth. Volatile energy prices and a further deterioration in EU-Russia relations pose downside risks. FocusEconomics analysts see the economy growing 4.3% in 2022, which is up 0.4 percentage points from last month’s estimate, and 3.1% in 2023.
Poland Economy Data
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|Bond Yield||2.07||-0.30 %||Dec 31|
|Exchange Rate||3.79||-0.53 %||Jan 01|
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Poland Economic News
September 30, 2022
Inflation came in at 17.2% in September, up from August’s 16.1%.
September 28, 2022
Business confidence fell to minus 18.8 in September from August's minus 15.2, marking the worst reading since November 2020.
September 22, 2022
Nominal retail sales increased 21.5% in year-on-year terms in August, which followed July's 18.4% increase.
September 21, 2022
Industrial output rose 10.9% compared to the same month a year earlier in August, which followed July's 7.1% increase.
September 8, 2022
At its meeting on 7 September, the National Bank of Poland (NBP) raised the key reference rate by 25 basis points from 6.50% to 6.75%, in line with market expectations.