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
June 23, 2022
Retail sales grew 23.6% compared to the same month a year earlier in May, which was below April's 33.4% surge.
June 23, 2022
Industrial production expanded 15.0% year-on-year in May (April: +12.4% yoy).
June 8, 2022
At its meeting on 8 June, the National Bank of Poland (NBP) raised the reference rate by 75 basis points from 5.25% to 6.00%, marking the ninth consecutive rate hike since it began its tightening cycle in October 2021.
June 3, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 48.5 in May, down from 52.4 in April.
June 2, 2022
GDP growth accelerated to 8.5% year on year in the first quarter, from 7.6% in Q4 2021.