Statistics Poland updates GDP growth data for 2021 and 2022

Hausner o stopach procentowych i kondycji polskiej gospodarki

Źródło: TVN24

Statistics Poland said on Thursday that - according to the final estimate - Poland's gross domestic product (GDP) in 2021 increased by 6.9% year-on-year comparison against 6.8% previously published. In 2022, the country's GDP increased by 5.1% against 4.9% previously released.

Statistics Poland also said that in the Q1 of 2022, compared to the corresponding period of 2021, the GDP growth had been higher than previously forecast and amounted to 8.8% (against 8.6%), in Q2 the GDP increased by 6.1% (against 5.8%), in Q3 - 3.9% (against 3.6%), and in Q4 - by 2.3% (against 2.0%).

GDP forecasts

According to experts from the Polish Economic Institute, Poland's GDP in 2023 will increase by 0.8%, and by 2.2% in 2024.

"Economic growth in 2023 and 2024 will be lower than the potential of Poland's economy. We expect this year's GDP to increase only by 0.8%," the analysts added.

"The speed of consumption expenditures will be much slower than in the previous years. The economy will be mainly boosted by investments and net exports, however, they will be only moderate driving forces. Under such structure, the growth speed in 2024 will amount only to 2.2%. It will, however, be temporary deceleration," Polish Economic Institute experts explained.