The Polish economy grew by 0.2% in 2023, decelerating sharply from the upwardly revised 5.3% increase in the prior year and missing the estimates of a 0.4% rise, preliminary reading showed. Gross value added decreased in industry (-0.7% vs 7.6% in 2022) and trade & repair by (-2.4% vs 2.3%). Additionally, growth in construction slowed to 3.4% from 5.1%. Meanwhile, total consumption edged down by 0.1% (vs 4.1%) and domestic demand fell by 4.1% (vs 5.2%), mainly due to present inflationary pressures, ongoing fallout from Russia’s invasion, and elevated interest rates by the National Bank of Poland. The NBP kept its key rate unchanged for the first 8 months before delivering a total of 100bps cuts to stimulate the economy. However, it preserved the data-drive approach due to uncertain fiscal outlook after the democratic opposition secured a surprise win in the elections. Gross fixed capital formation in the country went up 0.8% (vs 4.9%), with the investment jumping by 17.4% (vs 16.8%). source: Central Statistical Office of Poland (GUS)
Full Year GDP Growth in Poland decreased to 0.20 percent in 2023 from 5.30 percent in 2022. Full Year GDP Growth in Poland averaged 3.92 percent from 1996 until 2023, reaching an all time high of 7.10 percent in 2007 and a record low of -2.00 percent in 2020. This page includes a chart with historical data for Poland Full Year GDP Growth. Poland Full Year GDP Growth - data, historical chart, forecasts and calendar of releases - was last updated on January of 2025.
Full Year GDP Growth in Poland decreased to 0.20 percent in 2023 from 5.30 percent in 2022. Full Year GDP Growth in Poland is expected to reach 3.00 percent by the end of 2024, according to Trading Economics global macro models and analysts expectations. In the long-term, the Poland Full Year GDP Growth is projected to trend around 3.50 percent in 2025 and 3.40 percent in 2026, according to our econometric models.