Poland’s economy is slowing down, with a GDP drop to 2.7% expected in Q3, after a drop from 8.5% to 5.3% in Q2, a state-owned think tank reported on August 31.
According to the Polish Economic Institute (PIE), until the end of Q4 inflation will be at 14.5% but should rise to 15.6% in February 2023 due to rising energy prices.
In July inflation increased by 15.6% YoY.
PIE experts said that the slowdown was caused by waning consumption and cuts in industrial production. They added that sales were down mostly in the car, furniture and electronics markets.
Despite the slowdown, Poland economic growth will still be high compared to the rest of the EU, largely due to the inflow of Ukrainians following Russia’s invasion of their country in February, PIE wrote. (The First News/Business World Magazine)
