Year-on-year GDP growth slowed further in the fourth quarter of 2022. A sizable drop in private consumption—amid spiking inflation, higher interest rates, downbeat sentiment and weaker export growth—was behind the deceleration. On the other hand, fixed investment expanded at a faster pace, supporting the economy. Meanwhile, GDP contracted significantly quarter on quarter. Moving to Q1, although the economy is expected to contract in year-on-year terms due to a high base of comparison, underlying momentum should have strengthened. Less downbeat consumer and business sentiment, as well as rising manufacturing PMI readings, in January-February point to stronger activity. Meanwhile, in late February S&P Global Ratings affirmed the country’s “A-” credit rating with a stable outlook, citing its diversified economy, NATO and EU membership and manageable levels of public and private debt.
Poland Current Account Balance (EUR bn) Data
2017 | 2018 | 2019 | 2020 | 2021 | |
---|---|---|---|---|---|
Current Account Balance (EUR bn) | -5.3 | -9.6 | -1.2 | 12.9 | -8.3 |