“PiS has wasted the collective Polish work of the last 30 years. We were the leaders of Europe, today we are scrubbing the bottom,” Donald Tusk wrote on the X website, commenting on the graphic of one of the websites.
Poland entered a technical recession. In the second quarter of 2023, GDP fell by 0.5 percent. Every year. In the previous quarter, the decrease was 0.3 percent. “According to the flash estimate, seasonally adjusted gross domestic product (GDP) fell 0.5% year-on-year in real terms in the second quarter of 2023, compared to an increase of 6.1% in the same period of 2022.” The Central Bureau of Statistics reports this in a statement. The data provided comes as a surprise to experts who did not expect such a large drop. The market consensus for the second quarter was 0.3%. decline on a seasonally unadjusted basis.
Seasonally adjusted gross domestic product fell by 3.7% in real terms in the second quarter of this year (in constant prices with reference year 2015). compared to the previous quarter and was 1.3 percent lower than the year before. The data from the Central Bureau of Statistics are quick estimates. Full second quarter 2023 GDP data will be released on August 31. If GDP falls for two quarters in a row, we can speak of a technical recession, regardless of seasonal factors. Economists point out that the technical recession proves that economic growth in the country has slowed. The effects of the technical recession include a decline in external and internal demand, a reduction in the number and volume of investments, which may translate into a further decline in GDP in the following quarters.
Poland’s GDP decline. Commentary from Tusk
Donald Tusk referenced the latest GDP data on the X website (formerly Twitter). “Kaczyński’s economic miracle, or how PiS wasted the collective Polish work of the last 30 years. We were the leaders of Europe, today we are scrubbing the bottom,” he wrote. The PO leader also shared the images from the 300gospodarka.pl portal. Interestingly, the head of the website is Michał Kamiński, Mateusz Morawiecki’s assistant from the time he worked at the Ministry of Finance and later at the Prime Minister’s Chancellery.
The service points out that GDP in Poland fell the most in the second quarter of all European Union countries that published their economic growth data. “This is a complete reversal of the situation from the first quarter, when Poland was the leader in terms of gross domestic product growth (…) This is the biggest quarterly decline since the pandemic: in the second quarter of 2020, the GDP by almost 10% compared to the first quarter of that year – we read However, experts point out that the data should be approached with caution.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
