Polish GDP to grow 4.7% in 2022, 1.4% in 2023: central bank

Poland’s central bank has updated its GDP growth forecasts for the country, saying it now expects the economy to expand 4.7 percent this year, followed by 1.4 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 14.2 percent this year, followed by 12.3 percent in 2023 and 4.1 percent in 2024, the National Bank of Poland (NBP) said in its latest Inflation Report, which was released on Tuesday.

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 continued strong growth in global energy and agricultural 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 entities regarding the allocation of resources, and also the disruptions in trade with Ukraine, Russia and Belarus as a result of the Russian aggression,” the report said in English.

In its March projection, the bank had expected the Polish economy to grow 4.4 percent this year and 3 percent in 2023.

The Polish economy grew 8.5 percent in the first quarter of this year, according to the country’s Central Statistical Office (GUS).

The Polish central bank’s Monetary Policy Council last week raised key interest rates for the 10th consecutive time in a bid to tame inflation, which hit 15.6 percent in June.

(gs)

Source: PAPnbp.pl

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