Flash estimate: GDP in Q2 drops by 2.3% compared to Q1

According to the flash estimate released by Statistics Poland on Wednesday, the gross domestic product (GDP) in volume terms seasonally unadjusted was higher by 5.3% in the 2nd quarter of 2022 year on year against 11.3% increase in the corresponding period of 2021.

"In the 2nd quarter of 2022 seasonally adjusted GDP (constant prices, reference year 2015) was lower by 2.3% than in the previous quarter and 4.5% higher than in the 2nd quarter of the previous year," Statistics Poland said.

The data is preliminary and can be subject to revision. The first regular estimate of GDP for the 2nd quarter of 2022 which will be released on August 31, 2022. 

In the second quarter of 2022, seasonally adjusted GDP increased by 0.6% both in the euro area and in the EU, compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union.

In the first quarter of 2022, GDP had grown by 0.5% in the euro area and by 0.6% in the EU.

"Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 3.9% in the euro area and by 4.0% in the EU in the second quarter of 2022, after +5.4% in the euro area and +5.5% in the EU in the previous quarter," Eurostat said.

According to Eurostat, Poland recorded the highest GDP drop in the European Union quarter on quarter. Polish economy shrunk by 2.3% in Q2 of 2022, compared to Q1. In a year on year comparison, Poland's GDP in Q2 of this year increased by 4.5%.

Apart from Poland, also Latvia (-1.4%), Lithuania (-0.4%) and Portugal (-0.2%) saw their economies slowing down in Q2 of this year, as compared with Q1.