GDP of Poland in 2023 - Expenditure Approach, Sector Output, and Regional GDP

In the second half year of 2022, positive economic growth was mainly due to the growth of industrial inventories as global supply disruptions eased, enabling factories to catch up with existing production orders. However, the outlook of 2023 is grimmer, with IMF estimated the growth rate to be only 0.5%, as the economy emerges from an anticipated recession. Private consumption will decline sharply as real wages decrease significantly for the second consecutive year. While measures to compensate households for higher energy costs will partly offset the impact on disposable incomes, they will also prolong demand-side inflationary pressures. Fixed investment will contract as companies struggle with rising uncertainty, soaring costs, and the burden of higher interest rates. Export growth will also slow sharply as Poland’s key export markets in the EU, especially Germany, experience ful...