The Polish economy performed better than expected in 2022, growing steadily by 4.9 percent, Statistics Poland (GUS) revealed on Monday.
The post-Covid economic boom experienced in 2021, where GDP rose by 6.8 percent, was hampered somewhat last year by the Russian invasion of Ukraine, although growth still surpassed economists’ estimate of 4.5 percent. Forecasts at the beginning of the year were as low as 3.5 percent, proving the Polish economy to be resilient.
Economists at mBank assessed that in the fourth quarter of 2022, GDP increased by approximately 2-2.5 percent year-over-year, following a 3.6 increase in the previous quarter. During the first and second quarters, the Polish economy grew by 8.6 percent and 5.8 percent, respectively.
Bank Pekao says there was likely a decrease in household consumption expenses (by around 1.5 percent year-over-year), after a 0.9 percent increase in the third quarter. If Statistics Poland (GUS) confirms these estimates, it would be the worst result since the pandemic.
According to initial GUS data, household consumption expenditure increased by 3 percent year-over-year, after a 6.3 percent increase in 2021. However, investment expenditures increased by 4.6 percent following a 2.1 percent increase in 2021.