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Polish economy grew 2% in Q4 2022: stats office

28.02.2023 10:15
The Polish economy grew 2 percent in the final quarter of last year, the country’s statistics office said on Tuesday in a preliminary estimate.
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Pixabay LicenseImage by Gerd Altmann from Pixabay

The reading was in line with a flash estimate released by the Statistics Poland (GUS) office earlier this month.

Investment increased by 4.9 percent, private consumption fell by 1.5 percent, and domestic demand grew by 1.1 percent in Poland in the fourth quarter of 2022, Statistics Poland reported.

Poland's gross domestic product expanded by 3.6 percent in the third quarter of last year, after growing 5.8 percent in the second quarter and 8.6 percent in the first quarter, according to the state-run Statistics Poland (GUS) agency.

In 2022 as a whole, Poland's gross domestic product grew 4.9 percent, according to a preliminary estimate released by Statistics Poland at the end of last month.

The Organisation for Economic Cooperation and Development (OECD) predicted on Monday that Polish economic growth would slow to 0.9 percent this year before it recovers to 2.4 percent in 2024.

The European Commission in mid-February revised downward its forecast for Polish economic growth this year to 0.4 percent, from a previous projection of 0.7 percent, amid Russia's war in Ukraine.

Poland's President Andrzej Duda in early February signed into law the country’s budget for 2023, which expects the economy to grow 1.7 percent this year.

A Polish deputy finance minister has said that 2023 "will be a difficult year" for the country’s public finances, but added that “there are grounds for cautious optimism.”


Source: PAP, IAR

Radio Poland's Piotr Miszczuk spoke with economist Marcin Klucznik of the Polish Economic Institute to find out more about the condition of the Polish economy.

Click on the audio player above to hear the interview.