According to quick official estimates, Poland’s gross domestic product (GDP) contracted by 2.4% quarter over quarter (QoQ) in the fourth quarter of last year after growing by 1% QoQ in the third. Although the beginning of 2023 will be challenging, Amsterdam-based ING Group anticipates this year’s economy to rise by 1%, primarily due to net exports.
The composition of the GDP should promote deflation, but ING pointed out that substantial price rise is still anticipated.In 2022, the economy experienced choppy growth, with periods of increasing activity alternating with periods of declining activity.
From 3.6% year over year in the third quarter of 2022, growth fell to 2% in the fourth.The most recent GDP numbers support additional ING noticed a worsening of the Polish economy. The year 2023 will start off challenging. A drop in GDP on an annual basis may be seen in Q1 of this year.
The European energy crisis is not as severe as first thought, and prices for energy-related commodities have dropped dramatically. In 2023, the economy will rise by 1%, according to ING.ING anticipates that expenses will drive pricing hikes rather than demand. It continues to predict that Poland’s consumer price increase in 2023 would be in the double digits, with persistently strong core inflation.
