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Polish GDP to grow 4.4% in 2022, 3% in 2023: central bank

14.03.2022 08:15
Poland’s central bank has updated its GDP growth forecasts for the country, saying it now expects the economy to expand 4.4 percent this year, followed by 3 percent growth in 2023.
The Warsaw headquarters of the National Bank of Poland (NBP).
The Warsaw headquarters of the National Bank of Poland (NBP).Photo: PAP/Tomasz Gzell

Meanwhile, inflation is projected to stand at 10.8 percent this year, followed by 9 percent in 2023 and 4.2 percent in 2024, the National Bank of Poland (NBP) said in its latest Inflation Report, which was released at the end of last week.

According to the report, domestic economic activity is expected to be "largely affected by the macroeconomic effects of Russia’s armed aggression against Ukraine and the related sanctions imposed on Russia."

"A direct effect of the Russian aggression against Ukraine is the significantly higher global prices of energy commodities and some agricultural commodities, whose prices were already growing rapidly before the aggression," the report said in English.

In its November projection, the bank said it expected the Polish economy to grow 4.9 percent both this year and in 2023.

The Polish economy grew 7.3 percent in the final quarter of last year, according to the country’s Central Statistical Office (GUS).

The Polish central bank’s Monetary Policy Council last week raised key interest rates for the sixth consecutive time in a bid to tame inflation, which hit 9.2 percent in January.


Source: PAP, nbp.pl