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Poland economy expands in Q1

Figures

Photo by ratmaner/Shutterstock.com

Poland's gross domestic product (GDP) advanced 8.5% year-on-year in the first quarter of 2022, accelerating from an upwardly revised 7.6% expansion in the previous three-month period, a preliminary estimate showed on Tuesday.

On a seasonally adjusted quarterly basis, the GDP rose by 2.4%, following an upwardly revised 1.8% growth in the previous period, according to figures by the Warsaw-based Central Statistical Office (GUS).

Still, Russia's invasion of Ukraine is a serious setback to the country's recovery from the pandemic.

Poland is hosting almost 3 million refugees and is providing cash transfers to households hosting refugees as well as direct payments to refugees that could have a fiscal cost of 0.5%-1% of GDP depending on the scale and duration of refugee inflows, according to the International Monetary Fund (IMF).

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