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Poland's finance minister forecasts 3.1% GDP growth this year, 3.7% in 2025

29.04.2024 12:00
Poland’s economy is on track to grow 3.1 percent this year and 3.7 percent in 2025, Finance Minister Andrzej Domański has predicted.
Polands Finance Minister Andrzej Domański.
Poland's Finance Minister Andrzej Domański.Photo: Przemysław Chmielewski/Polish Radio

Speaking at a news conference in Warsaw on Monday, Domański expressed confidence in Poland's economic growth prospects for this year and next.

"Forecasts from banks suggest that our gross domestic product could expand by up to 4 percent in 2025," he said.

"This would position Poland as one of the fastest-growing economies in the European Union next year," he added.

Domański highlighted consumption as a primary driver of growth in the first half of this year. In the second half of 2024, the positive effects of EU recovery funds will become increasingly apparent, he told reporters.

He also announced that the government would discuss a multi-annual financial plan for the country on Tuesday, including guidelines for setting up a new "independent Fiscal Council" in response to recent changes in EU regulations.

The Polish economy expanded by 0.2 percent in 2023, after growing 5.6 percent in 2022, the country’s statistics office reported this month, revising upward its previous estimate for 2022 by 0.3 percentage points.

Poland’s central bank last month updated its GDP growth forecasts for the country, saying it now expects the economy to expand 3.5 percent this year, followed by 4.2 percent growth in 2025 and 3.3 percent in 2026.

The European Commission in February kept its forecast for Polish economic growth this year unchanged at 2.7 percent.

The EU executive also predicted that the Polish economy would expand 3.5 percent next year, maintaining its projection from November.

Polish President Andrzej Duda in late January signed into law the country’s budget for 2024, which expects the economy to grow 3 percent this year.

(gs)

Source: IAR, PAP