Poland skyline at golden hour

Poland GDP Q1 2023

Poland: GDP growth ticks down in year-on-year terms in Q1

According to a flash release, GDP growth came in at -0.2% year on year (yoy) in Q1, down from the 2.3% increase recorded in Q4 and largely due to a high base of comparison. In fact, GDP jumped 3.9% on a seasonally adjusted quarter-on-quarter basis, swinging from the previous quarter’s 2.3% contraction.

Although a breakdown by components is not yet available, monthly data suggests that beyond the base effect, the year-on-year cooling was due to declining household spending—amid downbeat sentiment and high inflation—and a negative contribution from destocking.

A detailed breakdown is set to be released on 31 May.

Commenting on the outlook, Rafal Benecki, Poland chief economist at ING, stated:

“Our baseline scenario assumes that the first quarter was a turning point, and subsequent quarters will bring an upturn, albeit a moderate one. We expect a more pronounced rebound only in the fourth quarter of the year. A key prerequisite for a rebound is a further decline in inflation and a recovery in consumer purchasing power […].”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest