Economic Growth in Poland
Poland's economy recorded an average growth rate of 3.7% in the decade to 2022, above the 2.5% average for Eastern Europe. In 2022, the real GDP growth was 5.4%. For more GDP information, visit our dedicated page.
Poland GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Poland from 2018 to 2017.
Source: Macrobond.
Poland GDP Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 4.6 | -2.0 | 6.9 | 5.3 | 0.1 |
GDP (EUR bn) | 539 | 532 | 583 | 662 | 749 |
GDP (USD bn) | 603 | 606 | 689 | 695 | 810 |
GDP (PLN bn) | 2,314 | 2,363 | 2,662 | 3,101 | 3,402 |
Economic Growth (Nominal GDP, ann. var. %) | 7.7 | 2.1 | 12.6 | 16.5 | 9.7 |
GDP growth slows in the third quarter
Second release confirms that economy decelerated: According to a second estimate, the economy shifted into a lower gear in Q3: GDP growth waned to 2.7% year on year from 3.2% in the second quarter, matching the flash estimate. On a seasonally adjusted quarter-on-quarter basis, economic activity declined 0.1% in Q3, contrasting the previous period's 1.2% growth and marking the largest drop since Q2 2023.
Both domestic demand and external sector lose steam: On the domestic front, the moderation in annual growth was broad-based. Private consumption growth fell to 0.3% in Q3, marking the weakest expansion in a year and surprising markets on the downside, as demand for both goods and services cooled (Q2: +4.6% yoy). Additionally, government spending growth slowed to 4.5% (Q2: +11.5% yoy). Lastly, fixed investment came to a near halt, slowing to 0.1% from Q2’s 3.2% rise; private investment likely declined more than in Q2, while public investment cushioned momentum amid rising military outlays. On the external front, exports of goods and services contracted 0.7% in Q3 (Q2: +2.9% yoy), marking the worst reading since Q2 2020. In addition, imports of goods and services growth softened to 1.9% in Q3 (Q2: +5.7% yoy), marking the worst reading since Q4 2023. As a result, the contribution of net trade to GDP growth weakened from Q2.
GDP outlook: Our panelists see annual GDP growth strengthening from Q3’s level in Q4 and further throughout 2025. As such, full-year growth next year will outpace 2024’s projection and inch closer to the prior 10-year average of 3.8%. Accelerations in fixed investment and exports will outweigh softer momentum in private and public spending. Risks are tilted to the downside and include unexpectedly weak EU activity due to surging U.S. protectionism under President-elect Trump.
Panelist insight: ING’s Rafal Benecki and Adam Antoniak said: “In 2025 we expect growth to accelerate to about 3.5% due to, among other things, stronger fixed investment thanks to projects financed from EU structural funds and the Recovery and Resilience Fund. Still, there is a lot of uncertainty surrounding the scale of the rebound in fixed investment and household consumption next year.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Polish GDP projections for the next ten years from a panel of 42 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Polish GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Polish GDP projections.
Want to get access to the full dataset of Polish GDP forecasts? Send an email to info@focus-economics.com.
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