EU ups Polish 2022 GDP growth forecast to 5.2%

The European Commission has raised its forecast for Polish economic growth this year to 5.2 percent, from a previous projection of 3.7 percent.

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At the same time, the EU executive predicted that the Polish economy would grow 1.5 percent in 2023, well below its previous forecast of 3 percent, Polish state news agency PAP reported.

The European Commission said in its Summer 2022 Economic Forecast, released on Thursday, that "Russia's war of aggression against Ukraine continues to negatively affect the EU economy, setting it on a path of lower growth and higher inflation compared to the Spring Forecast." 

Economic growth will slow markedly in the second part of this year but will gain more traction in 2023.

Record-high inflation is now expected to peak later this year and gradually decline to fall below 3% in the last quarter of 2023.

Read our Summer 2022 #ECForecast ↓

— European Commission 🇪🇺 (@EU_Commission) July 14, 2022

Poland’s central bank this week updated its GDP growth forecasts for the country, saying it expects the economy to expand 4.7 percent this year, followed by 1.4 percent growth in 2023.

The Polish economy grew 8.5 percent in the first quarter of this year, according to the country’s Central Statistical Office (GUS).

The Polish central bank’s Monetary Policy Council last week raised key interest rates for the 10th consecutive time in a bid to tame inflation, which hit 15.6 percent in June.

(gs)

Source: IAR, PAP, europa.eu