Polish economy shrinks 0.3% in Q1 2023: stats office

The Polish economy contracted 0.3 percent in the first quarter of this year, the country’s statistics office said on Wednesday in a preliminary estimate.

Pixabay License

Image by PublicDomainPictures from Pixabay

The reading was slightly worse than a flash estimate of 0.2 percent released by the Statistics Poland (GUS) office earlier this month.

Investment increased by 5.5 percent, private consumption fell by 2 percent, and domestic demand decreased by 5.2 percent in Poland in the first three months of 2023, Statistics Poland reported.

Seasonally unadjusted gross domestic product (#GDP) in Q1 2023 was lower by 0.3% y/y,
comparision against the increase of 8.8% in the corresponding quarter of 2022.https://t.co/jr1pLOSxLx#StatisticsPoland #NationalAccounts pic.twitter.com/G8mc8dZj22

— Statistics Poland (@StatPoland) May 31, 2023

Poland's gross domestic product grew 2 percent in the final quarter of last year, according to the state-run statistics agency.

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 earlier this month revised upward its forecast for Polish economic growth this year to 0.7 percent, from a previous projection of 0.4 percent.

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