GDP growth in Q2 at -0.5% y/y signifies technical recession

In the second quarter, Poland's GDP was estimated to be 0.5% lower in real terms (adjusted for inflation) compared to the previous year, marking the second consecutive quarter of year-on-year decline. This indicates a technical recession for the country's economy. The result was worse than the -0.2% expected by economists.

Seasonally adjusted statistics showed a year-on-year drop of 1.3%. In the first quarter of 2023, the annual growth rate was 0.3% lower. In 2022, Poland's GDP growth slowed from 8.6% in the first quarter to 6.1% (revised) in the second quarter and 3.9% in the third quarter. In the final quarter of the previous year, it was only 2.3% (revised). Poland's economy grew by 4.9% in real terms in 2022, with the nominal gross domestic product surpassing PLN 3 trillion for the first time.

Source: bankier.pl