According to a quick GDP estimate, in the second quarter of 2024, there was a real increase of 3.2% year-on-year, compared to a decrease of 0.6% in the corresponding period of 2023. This came as a positive surprise.
Market consensus for the second quarter was 2.8% year-on-year. In the second quarter of 2024, real GDP increased by 1.5% compared to the previous quarter.
The data shows that the economy is accelerating and steadily rebuilding. The preliminary reading does not yet show the structure of growth, but it seems that this is thanks to consumption, which is stimulated by strong real wage growth.
However, data from global economies show some threats to the continuation of economic growth. The PMI readings in Europe are disappointing, particularly the weak performance of the German economy. Signs of a tipping point in the US labor market are also observed.
Slowing down in the world’s largest economies may negatively reflect on growth in Poland. However, preliminary data shows that for now, the economy maintains growth in unfavorable conditions, and compared to other European Union countries, it remains high. For the entire year of 2024, we expect growth around 3%.
Bartosz Wałecki, Analyst Michael / Ström Dom Maklerski
Post “Polish GDP: positive surprise despite global slowdowns” appeared for the first time on CEO Magazine.
Source: https://ceo.com.pl/pkb-polski-pozytywne-zaskoczenie-pomimo-globalnych-spowolnien-45558
