OECD: Poland leads in GDP growth

Poland recorded the strongest GDP growth of all OECD countries in the third quarter of this year. We are the leader.

“Bravo us, bravo Poland!” – this is how Prime Minister Mateusz Morawiecki commented on this data.

According to preliminary estimates, OECD gross domestic product (GDP) grew by 0.5% in the third quarter of 2023, the same pace as in the previous quarter of this year.

In the G7 countries, GDP growth in the third quarter was 0.6%, which means an improvement in the situation; in the second quarter this was 0.4%. This was due to the significant acceleration of GDP growth in the United States (1.2% in the third quarter compared to 0.5% in the second quarter). The remaining G7 countries recorded zero, near-zero or negative growth in the third quarter: there was zero growth in Canada, Italy and the United Kingdom; amounted to 0.1 percent in France and negative in Japan and Germany (-0.5% and -0.1% respectively).

Of the other OECD countries, Poland and Costa Rica recorded the strongest GDP growth in the third quarter (1.4% and 1.3% respectively), followed by Hungary and Mexico (0.9% each). In turn, GDP fell most in Ireland (-1.8%), followed by Finland (-0.9%).

OECD GDP exceeded pre-pandemic levels by 6.0% in the third quarter of 2023.

OECD, or the Organization for Economic Co-operation and Development, is an international organization with an economic profile that brings together 38 highly developed and democratic countries. It was established under the Convention on the Organization for Economic Co-operation and Development, signed in Paris by twenty countries on December 14, 1960. Poland joined the OECD in 1996.

“Daily Telegraph”: Poland is growing into the industrial center of Europe

Recently, a British daily compared Poland with Germany, pointing out the recurring problems of the German economy. “While the German economy is struggling, dynamically developing Poland wants to take the crown of the country’s industrial center of Europe,” writes Tomas Dvorak, senior economist at Oxford Economics, in the British daily.

The newspaper reads that Poland is one of the few countries where industrial production has returned to the trend before the outbreak of the coronavirus pandemic.

Source: Do Rzeczy