Gross Domestic Product (GDP) in the first quarter of 2024 increased by 2.0 percent year on year, Poland's Central Statistical Office (GUS, Statistics Poland) said on Monday (June 3). In a flash estimate released in May, the stats office reported that the GDP in the first quarter increased by 1.9 percent y/y. Production has been driven again by higher household consumption and exports. According to Poland's finance minister, the recorded decline in investments will rebound in 2025 after the launch of EU funds from the National Recovery Plan.
According to GUS data, in the first quarter of 2024, Poland's seasonally unadjusted GDP (constant average prices of the previous year) growth amounted to 2.0 percent y/y.
Investments in Q1 dropped by 1.8 percent y/y, private consumption increased by 4.6 percent y/y, and domestic demand went up by 1.7 percent y/y.
In a flash estimate released in mid-May, Statistics Poland reported that Poland's GDP in Q1 of 2024 grew by 1.9 percent y/y.
Economists surveyed by PAP Biznes expected, in the first quarter of 2024, investment growth of 2.0 percent y/y, private consumption growth of 3.2 percent y/y, and domestic demand growth of 1.5 percent y/y.
Poland's Finance Minister Andrzej Domański said that, based on the GUS data, the ministry forecast of GDP at 3.1% for the entire 2024 was safe.
"A clear upturn in investment will take place in 2025, when the unblocked KPO (National Recovery Plan) is in full swing," the minister added.
Źródło: TVN24 News in English, PAP, Statistics Poland
Źródło zdjęcia głównego: Kristi Blokhin/Shutterstock