Poland Economy Shrinks in Q2

Analysis

Photo by ratmaner/Shutterstock.com

Poland's gross domestic product (GDP) shrank 0.5% year-on-year in the second quarter of 2023, accelerating from a 0.3% contraction in the first quarter, preliminary data from Warsaw-based Central Statistical Office (GUS) showed on Wednesday.

This was the second consecutive period of economic downturn after eight quarters of growth.  

Private consumption and investments are expected to slow down further, while inventories are set to decline on strong exports.

On a seasonally adjusted quarterly basis, the GDP decreased by 1.3%, following no change in three months to March.

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