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Macroeconomic outlook report: Poland

Fourth quarter of 2018

During the fourth quarter of the year, the Polish economy registered a 5% y/y GDP growth rate, decelerating by 0.10 p.p. compared to previous period, mainly due to the lower growth of domestic demand, falling to 4.80%. In the labor market, the unemployment rate kept constant compared to 3Q18, showing a rate of 3.80%; while the y/y growth rate of employment decelerated by 0.10 p.p. to 2.60%. The zloty depreciated against the euro during the last quarter of 2018, with the exchange rate standing at 4.31 PLN/€, 0.03 PLN/€ higher than the one registered in 3Q18.

Macroeconomic overview

  • During the last quarter of 2018, Polish GDP registered a deceleration on its y/y growth of 0.10 p.p. when compared to 3Q18, standing at 5%.
  • The driver of the GDP growth was the acceleration of external demand, but insufficient to manage the decrease of domestic demand, of 1.40 p.p. to 4.80%.
  • As for the labor market, the Polish unemployment rate stood at 3.80% in the last quarter of 2018, keeping the same rate as the one showed in 3Q18. For its part, the y/y growth rate of employment decreased by 0.10 p.p. to 2.60%.
  • The zloty depreciated against the euro during the last quarter of 2018, with the exchange rate standing at 4.31 PLN/€, 0.03 PLN/€ higher than the one registered in 3Q18.
  • During this quarter, inflation broke the upward trend started on the first quarter of 2018, decelerating by 0.57 p.p. to a y/y growth rate of 1.40% in 4Q18.

 

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© GMS Management Solutions, S.L., 2019. All rights reserved. The information contained on this publication is of a general nature and does not constitute a professional opinion or an advisory service. The data used in this publication come from public sources. GMS Management Solutions, SL assumes no liability for the veracity or accuracy of such data.