Monthly data from the fourth quarter of this year signal a further slowdown in economic growth, with considerable uncertainty surrounding the economic outlook, according to the Monetary Policy Council (MPC).
In Poland, GDP growth in Q3 2022. – according to the preliminary estimate of the Central Statistical Office (GUS) – decreased to 3.6% y/y, compared to 5.8% y/y in Q2 of this year. The slowdown in GDP growth was due to a strong decline in consumption and investment dynamics. In the opposite direction, however, was the higher contribution of net exports and inventory growth to GDP growth. Monthly data – including on industrial production, construction and assembly and retail sales in October, as well as business climate indicators for November – signal a further slowdown in economic growth, with considerable uncertainty surrounding the business outlook, according to communiqué published after the Council’s meeting.
Despite the weakening of growth, the situation in the labor market remains good, including the unemployment rate at a low level. At the same time, however, LFS data for the third quarter of this year indicate a decline in the number of employed people, the MPC also indicated.
Source: MPC and ISBnews
