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Tuesday, June 18, 2024

Poland’s GDP – fourth quarter 2022. Economist Beata Stelmach comments

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The Polish economy contracted in the last months of 2022. Gross domestic product (GDP) in the fourth quarter fell 2.4 percent quarter-on-quarter. We see the economy slowing down. After these results for the fourth quarter, our economy has the worst results in Europe, said Beata Stelmach, an economist and former deputy foreign minister in Donald Tusk’s government, in “One na one” on TVN24.

From the preliminary data from the Central Statistical Office it follows that gross domestic product (GDP) of Poland in the fourth quarter of 2022 increased by 2.0 percent. Every year. On a quarterly basis, the economy contracted by 2.4 percent. – The last two years in the Polish economy were fantastic, we managed to get out of the pandemic very quickly and return to the pre-pandemic development path. However, today (…) we see that the economy is slowing down. After these results for the fourth quarter, our economy has the worst results in Europe – commented economist Beata Stelmach in the TVN24 program “One for One”.

– Of course, this is a consequence of the fact that it was developing very quickly, and especially 2022 was a very good year. In the first quarter, we had an increase of over 8%, although it was based on unstable foundations, because economic growth was based on very high private consumption. These were accumulated savings from the times of the pandemic, and at the same time, inventories were accumulated by entrepreneurs, drawing some conclusions from how supply chains were broken during the pandemic – she explained.

The economist pointed out that “when it started to accelerate inflationwhen the prices of energy carriers, energy prices started to grow at all, it turned out that due to inflation, households are starting to look for savings. At the same time, she noticed that this was accompanied by a decrease in investments.

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Main photo source: TVN24

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