“Poland is back in the lead.” Tusk is pleased with the data

Poland’s gross domestic product grew 4% in the second quarter of this year compared with the same period last year, the European Union’s statistical office reported on Wednesday. The data are seasonally adjusted, which, as the Central Statistics Office explains, involves removing the impact of calendar changes and working day variations (differences in working hours in subsequent months) as well as seasonal effects (regular annual deviations from the observed trend over the annual cycle).

Currently no country in the EU has better economic development than Poland. Cyprus had the second highest GDP growth (up 3.7%) and Spain was third (up 2.9%). The EU’s economic performance was even worse, with France growing 1.1%, Italy growing 0.9% and Germany shrinking 0.1%.

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Prime Minister Donald Tusk drew attention to these figures on Wednesday evening. The Polish head of government mentioned in his speech Poland’s GDP growth rate reached 3.2% in the second quarter of this year. Compared to the second quarter of 2023.

“Poland’s economic growth in the second quarter of this year surprised everyone– Tusk commented. “We are better than all the big EU countries and we beat the Germans” – he added. Then he used data from Eurostat. “After seasonal adjustment (i.e. taking into account the number of working days), our growth rate is 4.0, the highest in Europe. Poland is back in the lead!” – he said.

High household consumption was the main driver of Poland’s solid GDP growth in the second quarter – Jakub Rybacki of the Polish Institute of Economics said in a commentary on the Central Statistical Office data on Wednesday. He added that investment remained low and foreign demand was weak.

He believes that, despite the still poor outlook for investment, which is a factor holding back growth, we can expect a stabilization in GDP growth in the coming quarters. “With the deeper implementation of the KPO project and the EU Cohesion Fund, better results will emerge in early 2025. They will be more than enough to compensate for the slight slowdown in consumption. As a result, the economy will start to accelerate again next year,” Rybacki predicts.

Consumption was the main driving force for GDP growth in the second quarter – Economists agree Peacekeeping Operations BP In comments on Wednesday’s Central Statistics Office data, they added that they estimated GDP growth to reach 3.5% in 2024.

“We don’t yet know the full data on the structure of GDP for the second quarter (Gus “The GDP report will be released on August 29, but we estimate that economic growth is based on consumption growth (private and public), a continued year-on-year decline in investment, and negative contributions from foreign trade and inventory changes,” said economists at ING Bank.