Polish GDP to grow 4.6% in 2022, 0.7% in 2023: central bank

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Poland’s central bank has updated its GDP growth forecasts for the country, saying it now expects the economy to expand 4.6 percent this year, followed by 0.7 percent growth in 2023.

The Warsaw headquarters of the National Bank of Poland (NBP).

The Warsaw headquarters of the National Bank of Poland (NBP).Photo: PAP/Tomasz Gzell

Meanwhile, inflation is projected to stand at 14.5 percent this year, followed by 13.1 percent in 2023 and 5.9 percent in 2024, the National Bank of Poland (NBP) said in its latest Inflation Report, which was released on Monday.

According to the report, the bank’s latest projection was „significantly affected by the macroeconomic effects of Russia’s armed aggression against Ukraine, including, in particular, the strong growth in global energy commodity prices and – to a lesser extent – other global commodity prices.”

„The functioning of many economies around the world, including the Polish economy, is negatively affected by Russia’s reduction of gas supplies to Europe, the significant increase in uncertainty impacting on the decisions of economic agents regarding the allocation of resources, and also the tightening of global monetary conditions,” the report said in English.

In its July projection, the bank had expected the Polish economy to grow 4.7 percent this year and 1.4 percent in 2023.

The Polish economy expanded by 5.8 percent in the second quarter of this year, after growing 8.6 percent in the first quarter, according to the country’s statistics office.

Poland’s central bank chief, Adam Glapiński, said last week that inflation in the country would likely hit a peak of 19 percent „in January or February,” before starting to fall in March and declining to around 8 percent in the last quarter of 2023.

The central bank’s rate-setting Monetary Policy Council last week left key interest rates unchanged, keeping the reference rate at 6.75 percent.

Inflation in Poland hit 17.9 percent last month, according to a flash estimate by the country’s statistics office.

(gs)

Source: PAPnbp.pl

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