Polish economic growth will slow to 0.5% in Q1, a government-sponsored think-tank has forecast.
Poland’s Gross Domestic Product (GDP) increased by 4.9% YoY in 2022, the Central Statistical Office (GUS) reported. This year, however, economists expect the growth will decline significantly.
“Owing to a mild winter, we are not observing a reduction in industrial activity,” the Polish Economic Institute (PIE) wrote on January 31. “As a result, the Polish economy will likely avoid a recession”.
“In the first quarter the growth will be around 0.5%,” PIE added.
According to the think-tank, the slowdown in industry has turned out to be milder than expected.
However, slow growth of consumer spending will weigh on the GDP, PIE said. (PAP/Business World Magazine)