EU trims Polish 2023 GDP growth forecast to 0.4%

The European Commission has trimmed its forecast for Polish economic growth this year to 0.4 percent, from a previous projection of 0.7 percent.

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The EU’s executive on Wednesday predicted that the Polish economy will expand 2.7 percent next year, maintaining its projection from May.

The @EU_Commission has today presented the 🍁 Autumn 2023 #ECForecast.

While economic activity is expected to gradually recover going forward, the Forecast revises GDP growth down in both the EU and the euro area compared to its summer projections.

⬇️ See our projections ⬇️

— EU Economy & Finance (@ecfin) November 15, 2023

🍁 Autumn 2023 #ECForecast: 🇵🇱 Poland

ℹ️ https://t.co/trccUU94K8 pic.twitter.com/Sl2fXQkDjv

— EU Economy & Finance (@ecfin) November 15, 2023

Poland’s central bank last week updated its GDP growth forecasts for the country, saying it expected the economy to expand 0.3 percent this year, followed by 2.9 percent growth in 2024 and 3.6 percent in 2025.

The Polish economy grew 0.4 percent in the third quarter of this year, after shrinking 0.6 percent in the second quarter of this year and contracting 0.3 percent in the first quarter, according to a flash estimate by the state-run Statistics Poland (GUS) agency.

Poland's President Andrzej Duda in August signed into law the country’s revised budget for 2023, which expects the economy to grow 0.9 percent this year.

The Polish economy expanded by 5.3 percent in 2022, according to the latest estimate by the country’s statistics office.

(gs)

Source: IAR, PAP