The latest GDP data show that Poland may see a “soft landing” and avoid a recession, the Finance Ministry has said.
Poland’s Gross Domestic Product (GDP) increased by 2% YoY in the fourth quarter of 2022, the Central Statistical Office (GUS) reported in a flash estimate. Poland’s economy expanded by 3.6% YoY in the third quarter of 2022, after a 5.8% growth in the second quarter of 2022.
However, the GDP shrank by 2.4% QoQ.
Jakub Sawulski, a senior Finance Ministry official, said that the Polish economy might see a “soft landing” this year.
“The scenario assumes no recession and only a slowdown in growth in 2023 and a rebound in 2024,” Sawulski wrote.
According to Sawulski, the slowdown in the last quarter of 2022 affected all developed economies.
“Poland will continue to catch up in terms of development level with the European Union’s average,” the official said, quoting the European Commission’s estimate of a 2.9% growth of the Polish economy in 2023 and 2024 compared to 2.4% for the whole EU. (PAP/Business World Magazine)