Macroeconomic outlook report: Poland

During the fourth quarter of the year, the Polish economy slowed its year-over-year rate to 3.24%. This was due to the worse performance of the internal demand. As for the labor market, the unemployment rate stood at 2.90% in the fourth quarter of 2019, decreasing with respect to 3Q19. For its part, the year-over-year growth rate of employment decreased down to 2.10%. The zloty appreciated against the euro in the fourth quarter of 2019, with the exchange rate at PLN 4.27/€, PLN 0.08/€ lower than in 3Q19.

Macroeconomic overview

• During the fourth quarter of 2019, Poland's GDP slowed 0.66 p.p. its year-on-year rate to 3.24%.
• The behavior of the GDP was explained by the decrease registered in the internal demand. This said, the better performance of the external demand moderated the overall decrease in the Polish economy.
• Regarding the labor market, the unemployment rate stood at 2.90% in the fourth quarter of 2019, 0.20 p.p. lower than 3Q19. Furthermore, the year-on-year growth rate of employment slowed by 0.20 p.p. to 2.10%.
• During 4Q19, the zloty appreciated against the euro, with the average exchange rate at PLN 4.27/€, PLN 0.08/€ lower than in 3Q19.
• During this quarter, inflation increased by 0.03 p.p. to a year-on-year growth rate of 2.83% in the fourth quarter of the year.

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