How much has the Polish economy grown? The Central Bureau of Statistics has released the data

Gross domestic product growth in 2022 was 5.3%. compared to the previously estimated increase of 5.1%, reports the Central Bureau of Statistics.

“According to the adjusted estimate, gross domestic product (GDP) increased by 5.3% in real terms in 2022 compared to 2021. The result changed by 0.2 percentage points compared to the result published on April 20, 2023.” – we read in the announcement.

The presented data on GDP and its elements for 2022 have been revised from the data published on April 20, 2023 to include more complete annual information on the results for the entire year 2022 covering: corporate finance, foreign trade on the area of ​​goods and services and public sector accounts prepared for the budget notification of this sector in October, the Bureau said.

The Monetary Policy Council cuts interest rates

A meeting of the Monetary Policy Council took place on 3 and 4 October. The Monetary Policy Council decided to cut the NBP interest rate by 0.25 points. percent To the level:

  • reference interest rate: 5.75 percent on an annual basis;

  • Lombardy rate: 6.25 percent on an annual basis;

  • deposit interest rate: 5.25 percent on an annual basis;

  • rediscount rate for bills of exchange: 5.80 percent on an annual basis;

  • discount rate on the bill: 5.85 percent on an annual basis.

The Monetary Policy Council resolution will come into effect on October 5, the National Bank of Poland said in a statement on Wednesday.

Decrease in inflation

As reported by the Central Bureau of Statistics (GUS) on Friday, consumer inflation stood at 8.2%. on an annual basis in September 2023, according to preliminary data. Compared to the previous month, prices of consumer goods and services fell by 0.4%.

Economists estimate a decline in core inflation in September to around 8.5-9 percent. y/y 10.1 percent reported in August. Analysts indicate that the decline in inflation will support the recovery in consumption. According to some economists, the scope for further interest rate cuts in 2024 is limited in this context.

Source: Do Rzeczy

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