Polish economy shrinks 0.6% in Q2 2023: stats office

The Polish economy contracted 0.6 percent in the second quarter of this year, the country’s statistics office said on Thursday in a preliminary estimate.

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The reading was slightly worse than a flash estimate of 0.5 percent released by the Statistics Poland (GUS) office earlier this month.

Investment increased by 7.9 percent, while private consumption fell by 2.7 percent, and domestic demand decreased by 4.1 percent in Poland in the second quarter of 2023, Statistics Poland reported.

Seasonally unadjusted gross domestic product (GDP) in the 2nd quarter of 2023 was lower by 0.6% year-on-year comparision against the increase of 6.1% in the corresponding quarter of 2022.https://t.co/2sYS93RfSf#statisticsPoland #statistics #NationalAccounts pic.twitter.com/iqtxVUEYMn

— Statistics Poland (@StatPoland) August 31, 2023

Poland's gross domestic product shrank 0.3 percent in the first quarter of this year, after expanding by 2 percent in the final quarter of 2022, according to the state-run Statistics Poland (GUS) agency.

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

Poland's President Andrzej Duda this month signed into law the country’s revised budget for 2023, which expects the economy to grow 0.9 percent this year.

(gs)

Source: PAP, IAR