The Polish Economic Institute (PIE), a government think-tank, said on Wednesday it expected an economic slowdown in the second half of the year, citing the latest figures from the Central Statistics Office (GUS).
Poland’s statistics agency GUS reported Wednesday that the country’s GDP grew 5.3% year-on-year in the second quarter, down 2.3% on a seasonally adjusted quarterly basis, compared with 8.5% in the first quarter.
In its comments, PIE noted that the results announced by GUS were weaker than the median market forecast (6%).
The slowdown was linked to lower consumer spending, but investment growth remained close to the previous quarter, the think tank said.
Analysts wrote, “Economic performance was still boosted by inventory build-up by businesses, but this will likely be the final quarter.”
They said they expected Poland’s economic growth to be close to 3% in the third quarter and just over 4.5% for 2022 as a whole.