Polish economy shrinks 0.2% in Q1 2023: flash estimate

The Polish economy contracted 0.2 percent in the first quarter of this year, the country’s statistics office said on Tuesday in a flash estimate.

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Economists polled by state news agency PAP had expected a drop of 0.9 percent, data showed.

According to the flash estimate, gross domestic product (GDP) in volume terms seasonally unadjusted was lower by 0.2% in the 1st quarter of 2023 YoY.https://t.co/mkcnWcQ3jq #StatisticsPoland #statistics #NationalAccounts pic.twitter.com/RqjGzPcgOY

— Statistics Poland (@StatPoland) May 16, 2023

Poland's gross domestic product grew 2.3 percent in the final quarter of last year, after expanding by 3.9 percent in the third quarter of 2022, according to the state-run Statistics Poland (GUS) agency.

The Polish statistics office is expected to report full first-quarter data on May 31.

GUS podał nowy szacunek PKB. Odczyt dużo lepszy od prognoz https://t.co/uWpDyrAstH

— Gospodarka - Polskie Radio (@Gospodarka_PRSA) May 16, 2023

In 2022 as a whole, Poland's gross domestic product grew 5.1 percent, according to a revised estimate released by Statistics Poland last month.

The European Commission on Monday revised upward its forecast for Polish economic growth this year to 0.7 percent, from a previous projection of 0.4 percent, amid Russia's war in Ukraine.

Poland's President Andrzej Duda in early February signed into law the country’s budget for 2023, which expects the economy to grow 1.7 percent this year.

(gs)

Source: PAP, IAR