One of the highest readings of Poland’s GDP in the 21st century
15:26
In the fourth quarter of 2021, our economy grew at a rate of 7.3 percent, the Central Statistical Office (GUS) reported. It was the third-highest result in the 21st century. However, the Polish economy should soon lose momentum, and it will be additionally hit by the war in Ukraine.
This reading is in line with the so-called quick estimate presented by the GUS on February 15. This time, however, the statistical office provided a bit more details.
According to the data from the GUS, private consumption increased by 7.9 percent y/y in the fourth quarter of 2021 (against an increase of 4.7 percent in the third quarter of 2021). Investments increased by as much as 11.7 percent (compared to an increase in the third quarter of 2021 by 9.3 percent).
In the fourth quarter of 2021, Polish GDP was also boosted by inventories. It is visible in the GDP data, as well as the earlier data on industrial production, that the Polish industry was massively replenishing inventories in warehouses at the end of 2021.
