Polish GDP to grow 5.3% in 2021, 4.9% in 2022: central bank

Poland’s central bank has updated its GDP growth forecasts for the country, saying it now expects the economy to expand 5.3 percent this year, followed by 4.9 percent growth in 2022 and 2023.

The Warsaw headquarters of the National Bank of Poland (NBP).

Photo: PAP/Tomasz Gzell

Meanwhile, inflation is projected to stand at 4.9 percent this year, followed by 5.8 percent in 2022 and 3.6 percent in 2023, the National Bank of Poland (NBP) said in its latest Inflation Report, which was released this week.

According to the report, domestic economic activity "will continue to expand robustly" in the next two years and "rapid GDP growth" will be "driven mainly by household consumption, but also with significant contribution of private investment."

In its July projection, the bank said it expected the Polish economy to grow 5 percent this year and 5.4 percent in 2022.

The Polish economy grew 11.2 percent in the second 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 second time this autumn in a bid to tame inflation, which hit 6.8 percent in October.

(gs)

Source: PAP, nbp.pl