Macroeconomic outlook report: Poland

During the first quarter of the year, the Polish economy recorded a year-on-year GDP growth rate of 8.50%, an acceleration from the previous quarter. On the labour market, the unemployment rate stood at 3.10%, increasing from the previous quarter. The Zloty was unchanged against the euro, with the exchange rate standing at 4.62 PLN/€. Inflation continued to accelerate for the third consecutive quarter, at a year-on-year growth rate of 9.63%.

Macroeconomic outlook report: Poland 1Q22

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Macroeconomic overview

• During the first quarter of 2022, the year-on-year rate of change of Polish GDP increased by 0.90 p.p. compared to 4Q21, to a rate of 8.50%.
• This increase came as a result of the rise in private consumption and investment. The end of the Covid measures after its Omicron variant also helped this growth.
• The year-on-year rate of change of domestic demand accelerated by 2.30 p.p. compared to the previous quarter, reaching a rate of 13.20% in 1Q22.
• As regards the labour market, the unemployment rate stood at 3.10% in 1Q2022, which was 0.20 p.p. higher than in 4Q21.
• During 1Q22, the Polish Zloty was unchanged against the euro compared to 4Q21, with the average exchange rate standing at 4.62 PLN/€.
• During this quarter, inflation accelerated by 1.90 p.p. to a year-on-year growth rate of 9.63% in the first quarter of the year.

For more information, access the Macroeconomic Outlook Report of Poland 1Q22.