Macroeconomic outlook report: Poland

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.

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