EC raises Poland’s GDP forecast for 2022 to 5.5% y/y

The European Commission (EC) has revised the forecast of this year's GDP growth in Poland to 5.5 percent against the expected growth at the level of 5.2 percent in November last year, as the winter forecast of the European Commission indicates. The forecast for 2023 is an increase of 4.2 percent (downward revision by 0.2 percentage points in November last year).

"While the rise in new Covid-19 infections in early 2022 will have a negative impact on the short-term economic outlook, in particular for services, economic growth is projected to pick up the pace from the second quarter. Private consumption is likely to continue to grow rapidly driven by favorable labor market conditions as well as political support from changes in personal income tax, although the rising cost of living is likely to weaken purchasing power,” the report reads.

Further investment recovery is expected to be supported by the good financial condition of enterprises and an increase in production capacity, it also said.

In the eurozone, the European Commission expects GDP growth by 4 percent this year and by 2.7 percent next year.

(ISBnews)