Poland’s Gross Domestic Product (GDP) increased by 0.4 percent in the third quarter of 2023, compared to a decline of 0.6 percent in the second quarter, the Central Statistical Office (GUS) reported in a flash estimate.
On a quarter-to-quarter basis GDP increased by 1.4% in the third quarter.
Economists surveyed by PAP Biznes expected that GDP would grow by 0.3% in Q3 2023. rdr.
Full data on GDP in the third quarter will be released by the Central Statistical Office on November 30.
“We are back above the mark – in the third quarter, Poland’s GDP increased by 0.4% y/y, in line with expectations. In other circumstances, this would not be a reason for satisfaction, but here it is a signal that we have passed the turning point of the cycle. The coming quarters will be marked by growth below potential,” Pekao economists wrote in a commentary.
“After two quarters of declines, GDP rebounded to +0.4% y/y in 3Q23. Structure data will be released on November 30, but we are counting on a slowdown in consumption decline, less pressure from changes in inventories and still solid investments. The impact of net exports on the annual change in GDP is still positive,” commented ING Bank Śląski analysts.
“GDP growth at constant prices in Q3 was 0.4% y/y. In short: no major surprises, slightly above the consensus and our forecast (0.3% y/y),” we read in the economists’ commentary mBank.
“The Polish economy grew by 0.4% y/y. We are still observing two economic drivers: a surplus in international trade and investment expenditure. At the same time, we expect a much smaller decline in consumption than in the first half of the year,” say experts from the Polish Economic Institute. .
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