GDP for 2023 slightly up. There are data from the Central Statistical Office

Gross Domestic Product (GDP) increased by 0.2% y/y in 2023 compared to 5.3% growth in the previous year, the Central Statistical Office (GUS) reported preliminary estimated data. The market consensus predicted growth of 0.5% y/y in 2023.

Poland’s GDP slightly up

“According to the preliminary estimate, the gross domestic product (GDP) in 2023 was actually higher by 0.2% compared to 2022, compared to an increase of 5.3% in 2022 (in constant prices of the previous year)” – we read in the announcement.

Based on currently available data, the following gross value added growth dynamics were estimated:

• gross value added in the national economy in 2023 increased by 1.0% compared to 2022, compared to an increase of 5.5% in 2022,

• gross value added in industry in 2023 decreased by 0.7% compared to 2022, compared to an increase of 7.6% in 2022,

• gross value added in construction in 2023 compared to 2022 increased by 3.4%, compared to an increase of 5.1% in 2022,

• gross value added in trade and repairs in 2023 compared to 2022 decreased by 2.4%, compared to an increase of 2.3% in 2022, the Central Statistical Office reported.

“In 2023, domestic demand decreased by 4.1% in real terms compared to 2022, which saw an increase of 5.2%. Total consumption in 2023 decreased in real terms by 0.1%, including consumption in the household sector by 1.0% (in 2022, an increase was recorded by 4.1% and 5.2%, respectively)” – we read further.

Gross fixed capital formation in 2023 increased by 8.0% compared to the previous year (compared to an increase of 4.9% in 2022). The investment rate in the national economy (ratio of gross fixed capital formation to gross domestic product at current prices) in 2023 was 17.4% compared to 16.8% in 2022.

The data are preliminary and may be subject to revision, in accordance with the revision policy applied in national accounts, the Central Statistical Office reported.