Poland Q1 GDP growth confirmed at 8.5%
Photo by Feng Yu / Shutterstock.com
Poland's gross domestic product (GDP) advanced 8.5% year-on-year in the first quarter of 2022, picking up from a 7.6% expansion in the previous three-month period, data from the Central Statistical Office (GUS) on Tuesday show.
Significant impact came from changes in inventories, which added 7.7 percentage points (vs 4.3 percentage points in Q4). Consumption expenditure in the households' sector advanced by 3.9%, same as that in the previous quarter.
Meanwhile, gross fixed capital formation eased to 0.6% (vs 1.1%) while net exports contributed negatively (-3.8 percentage points vs -2.5% percentage points).
On a seasonally adjusted quarterly basis, the GDP rose by 2.5%, advancing from a 1.8% rise in the prior period.
In a separate report the Warsaw-based agency said, that Poland's consumer price inflation accelerated further to 13.9% in May from 12.4% in April.
The cost for fuels for personal transport grew 35.4% annually in May.
Prices of food and non-alcoholic beverages advanced 13.5% and electricity, gas and other fuel prices grew 31.4%.
On a monthly basis, consumer prices rose 1.7% in May.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.