GDP in Poland
Poland - GDP (billions of Euros)
GDP growth accelerates in Q1
GDP growth accelerated to 8.5% year on year in the first quarter, from 7.6% in Q4 2021. Meanwhile, on a seasonally-adjusted quarter-on-quarter basis, economic growth rose to 2.5% in Q1, compared to the previous quarter's 1.8% expansion.
The improvement in the year-on-year print was spearheaded by a sustained accumulation of inventories. Meanwhile, private consumption growth slowed to 6.6% year on year in Q1, from an 8.0% expansion in Q4. Fixed investment growth came in at 4.3% in the quarter (Q4: +5.2% yoy). Moreover, public consumption growth decelerated to 0.6% (Q4: +4.0% yoy).
On the external front, exports of goods and services growth slowed to 2.0% in Q1, marking the weakest result since Q2 2020 (Q4: +6.1% yoy). In addition, imports of goods and services growth softened to 8.8% in Q1 (Q4: +12.2% yoy), marking the slowest reading since Q1 2021.
Commenting on the outlook, Rafal Benecki and Adam Antoniak, economists at ING, stated:
“The coming quarters should bring a slowdown of GDP from 8.5% yoy to about 2% yoy in Q4 2022. However, the high starting point implies that average annual GDP will be about 4.7% higher this year than in 2021. The main factors driving GDP growth down are the supply constraints, i.e. potential material shortages and supply disruptions due to the war and zero-Covid policy in China, uncertainty undermining private investment, and weaker exports not only to eastern trade partners but to western partners as well (eurozone).”
FocusEconomics panelists forecast the economy to expand 4.8% in 2022, which is unchanged from last month’s estimate. For 2023, our panelists see growth at 4.1%.
Poland - GDP (EUR bn) Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| GDP (EUR bn) | 430 | 427 | 467 | 498 | 529 |
Poland Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 2.07 | -0.30 % | Dec 31 |
| Exchange Rate | 3.79 | -0.53 % | Jan 01 |
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Economic News
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Poland: Manufacturing PMI moved further into contractionary terrain in June
July 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 44.4 in June, down from 48.5 in May.
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Poland: Business confidence eases in June
June 27, 2022
Business confidence came in at minus 13.0 in June, down from May's minus 9.6.
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Poland: Retail sales growth moderates but remains strong in May
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.
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Poland: Industrial output growth strengthens in May
June 23, 2022
Industrial production expanded 15.0% year-on-year in May (April: +12.4% yoy).
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Poland: Central Bank hikes rates by 75 basis points in June
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.
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