Macroeconomic outlook report: Poland

During the third quarter of 2017, the Polish GDP recorded an acceleration of 0.90 p.p. in its year-over-year growth rate with respect to the previous quarter, up to 4.90%. The unemployment rate decreased down to 4.70%, while the year-over-year growth rate of employment registered a decrease when compared to the previous quarter, down to 3.30%. As for the exchange rate, the zloty recorded a slight depreciation against the euro, standing at 4.26 PLN/€. Finally, the inflation rate stood at 1.90%.

Macroeconomic overview

• During the third quarter of the year, the Polish economy registered acceleration in the year-over-year growth rate of GDP of 0.90 p.p. when compared to the previous quarter, up to 4.90%. This growth was mainly driven by the performance of the trade balance.
• Moreover, the year-over-year growth rate of the domestic demand experienced a deceleration of 1.60 p.p. when compared to the second quarter of 2017, registering a growth rate of 3.90%.
• In the labor market, the unemployment rate experienced a decrease of 0.30 p.p. down to the 4.70%, while the year-over-year growth rate of employment slightly decelerated when compared to the second quarter registering a 3.30%.
• The exchange rate stood at 4.26 PLN/€ during the third quarter of 2017, which implies a depreciation of 0.04 PLN/€.
• The Polish Consumer Price Index increased in the third quarter of 2017 at a rate of 1.90%, after accelerating by 0.10 p.p. when compared to the previous quarter. This behavior was due to the fading impact of the increase in commodity prices experienced in the first quarter of the year.

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