Macroeconomic outlook report: Poland

During the third quarter of the year, the Polish economy slowed by 0.70 p.p. its year-over-year rate to 3.90%. This was explained by the worse performance of the external and internal sector. As for the labor market, the unemployment rate stood at 3.10% in the third quarter of 2019, falling 0.10 p.p. with respect to 2Q19. For its part, the year-over-year growth rate of employment decreased by 0.20 p.p. to 2.10%. The zloty depreciated against the euro in the third quarter of 2019, with the exchange rate at PLN 4.35/€, PLN 0.06/€ higher than in 2Q19.

Macroeconomic overview

• During the third quarter of 2019, Poland's GDP slowed 0.70 p.p. its year-on-year rate to 3.90 %.
• The behavior of the GDP was explained by the worse performance of the external and internal sector.
• In the labor market, the unemployment rate stood at 3.10% in the third quarter of 2019, 0.10 p.p. lower than 2Q19. For its part, the year-on-year growth rate of employment slowed by 0.20 p.p. to 2.10%.
• During 3Q19, the zloty depreciated against the euro, with the average exchange rate at PLN 4.35/€, PLN 0.06/€ higher than in 2Q19.
• During this quarter, inflation increased by 0.40 p.p. to a year-on-year growth rate of 2.80% in the third quarter of the year.

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