GDP down 0.6% in Q2, consumption drags economy down

The Polish economy shrank by 2.2% in the second quarter compared to the first quarter. The decline was mainly due to private consumption, which fell by 2.7% compared to the second quarter of last year. A decrease in inventories in companies also had a negative impact on growth rate, taking away as much as 3.8 percentage points from economic growth. On the other hand, investments recorded a very good result, increasing by as much as 7.9%.

Foreign trade also drove the economy, adding 3.2 percentage points to GDP in the second quarter. Although GDP fell in annual and quarterly terms, the situation in the Polish economy is not a recession.

Source: 300gospodarka.pl