Poland is doing brilliantly against the background of EU economies in Q2 2024. The GDP of the European Union in the second quarter increased by 0.3% quarter on quarter. Meanwhile, in our country it was a jump of as much as 1.5%. Apart from Poland, only the following countries had more than one percent economic growth: Greece (1.1 percent) and the Netherlands (1 percent).
Germany is sinking into crisis
In the background we leave such economic powerhouses as Denmark (0.6%), France (0.2 percent) and, above all, Germany. The Community's largest economy found itself in the inglorious group of six countries in which GDP decreased last quarter. The economy shrank in Germany by 0.1 percent. Not much, but still. For now, quietly, but the description of Germany as the “sick man of Europe” (as Holger Schmieding described the country in 1998 in “The Economist”) is coming back.
Of the aforementioned group of countries where GDP fell last quarter, Germany is not doing so badly. GDP Hungarian fell by 0.2 percent, Sweden by 0.3 percent, Austria by 0.04 percent, Latvia by 0.09 percent and Ireland by as much as 1 percent.
Eurostat: Poland's GDP is growing the fastest in the EU. How are others doing?
In these countries it is the worst, but the other countries of the Community do not record great economic growth at all. GDP in Luxembourg increased by 0.6 percent quarter on quarter, Italy by 0.2, Spain by 0.8 and Finland by 0.03 percent.
As for our closer neighbours, the Czech Republic grew by 0.3% quarter on quarter, Slovakia by 0.4. and Lithuania by 0.9. Due to the links of the Czechs and Slovaks with the German industry (especially automotive), the condition of our western neighbors affects these countries.