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Macroeconomic outlook report: Poland

Fourth quarter of 2017

During the fourth quarter of the year, the Polish economy registered a year-over-year growth rate of 4.90%, 0.30 p.p. lower than the growth rate recorded in the previous quarter. The year-over-year growth rate of domestic demand increased to 5.10%. Regarding the labour market, the unemployment rate went down to 4.50%, and the year-over-year growth rate of employment decelerated when compared to the third quarter, down to 3.30%. The zloty appreciated against the euro, registering an exchange rate of 4.23 PLN/€. Finally, the inflation stood at 2.23%.

Macroeconomic overview

  • During the fourth quarter of 2017, the Polish economy recorded a deceleration of 0.30 p.p. in its year-over-year growth rate in comparison with the previous quarter, standing at 4.90%. In annual terms, the Polish GDP growth stood at 4.63%, the highest rate since 2008.
  • This performance was driven by the domestic demand, which increased in 1.10 p.p. its year-over-year growth rate compared to the third quarter of the year, registering a variation of 5.10%. Private consumption explained this rise, with a positive contribution of investment outlays.
  • As for the labor market, the unemployment rate went down to 4.50% and the year-over-year growth rate of employment decreased to 3.30% when compared to the third quarter.
  • The zloty appreciated against the euro by 0.03 zlotys per euro compared to the previous quarter, registering an exchange rate of 4.23 PNL/€.
  • The inflation stood at 2.23% in the fourth quarter of 2017, which is 0.33 p.p. above the rate registered in the previous quarter.

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© GMS Management Solutions, S.L., 2018. 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.