Macroeconomic outlook report: Poland

During the first quarter of the year, the Polish economy recorded a year-over-year GDP growth rate of 4.69%, a slowdown of 0.21 p.p. compared to the previous period, due to lower growth in domestic demand, to 4.16%. In the labor market, the unemployment rate stood at 3.90% in the first quarter of 2019, up by 0.10 p.p. from 4Q18. On the other hand, the year-over-year growth rate of employment decreased by 0.20 p.p. to 2.40%. The zloty appreciated against the euro in the first quarter of 2019, with the exchange rate at PLN 4.30/€, PLN 0.01/€ lower than in 4Q18.

Macroeconomic overview

• During the first quarter of 2019, Poland's GDP slowed by 0.21 p.p. its year-over-year growth in comparison with 4Q18 to 4.69%.
• The behavior of GDP was explained by the performance of domestic demand, after reducing its growth by 0.64 p.p. over the last quarter to 4.16%.
• In the labor market, the unemployment rate stood at 3.90% in the first quarter of 2019, 0.10 p.p. higher than in 4Q18. The year-over-year growth rate of employment slowed by 0.20 p.p. to 2.40%.
• During 1Q19, the zloty appreciated against the euro with the average exchange rate at 4.30 PLN/€, PLN 0.01/€ lower than in 4Q18.
• During this quarter, inflation slowed by 0.30 p.p. to a year-over-year growth rate of 1.20% in the first quarter of the year.

For more information, click here to access the executive document in pdf.