Poland Q1 GDP growth confirmed at 8.5%

Figures

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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.

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