15:54 19 August 2023
The Polish economy performs worst in terms of GDP in the EU
GDP in Poland saw the steepest decline in the second quarter among all European Union countries that published their economic growth data. This is a complete reversal from the situation in the first quarter when Poland was a leader in terms of the pace of gross domestic product growth. Economists caution that in both cases, these data should be approached cautiously.
According to the Central Statistical Office (GUS), the Polish economy contracted in the second quarter: GDP declined by 0.5 percent compared to the second quarter of 2022. This indicates a deepening slowdown compared to the first quarter when GDP decreased by 0.3 percent.
However, the seasonally adjusted data paint an even starker picture of the economic slowdown, where the state of the economy is compared to the previous quarter. In this context, GDP fell by as much as 3.7 percent, marking the deepest quarterly drop since the pandemic. Among the countries that have already published data for the second quarter, Sweden experienced a significant decline of 1.5 percent. In other cases, the declines do not exceed 1 percent.
