Polish Economy Expands 4.9% In 2022

polandflag nov17 30jan23 lt

The Polish economy expanded during the year 2022 amid a solid increase in domestic demand and investments, though at a slower pace compared to the previous year, flash data from Statistics Poland showed on Monday.

Gross domestic product advanced 4.9 percent in 2022 versus a 6.8 percent rise in 2021.

The overall GDP growth in 2022 was largely driven by a 5.5 percent increase in domestic demand. Nonetheless, this was much slower than the 8.4 percent gain in the preceding year.

On the other expenditure components, household consumption grew 3.0 percent versus a 6.3 percent rise in 2021, while the growth in gross fixed capital formation accelerated to 4.6 percent from 2.1 percent.

Total consumption in 2022 increased by 2.14 percent in real terms, including consumption in the farm sector by 3.0 percent, the agency said.

"The 4.9 percent increase in Polish GDP over 2022 as a whole is consistent with a slowdown in growth to around 1.6 percent annually in the fourth quarter, and a small quarterly decline in output of around 0.5 percent, confirming that the economy slumped towards the end of the year," Nicholas Farr, an economist at Capital Economics, said.

"We think a further mild contraction is likely at the start of this year and our GDP forecast for 2023 of 0.0% is below consensus."

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