GDP for 2023 slightly up. There are data from the Central Statistical Office
The Central Statistical Office has provided preliminary data on the growth of Gross Domestic Product in 2023.
Gross Domestic Product (GDP) increased by 0.2% y/y in 2023 compared to 5.3% growth in the previous year, the Central Statistical Office (GUS) reported preliminary estimated data. The market consensus predicted growth of 0.5% y/y in 2023.
Poland’s GDP slightly up
“According to the preliminary estimate, the gross domestic product (GDP) in 2023 was actually higher by 0.2% compared to 2022, compared to an increase of 5.3% in 2022 (in constant prices of the previous year)” – we read in the announcement.
Based on currently available data, the following gross value added growth dynamics were estimated:
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gross value added in the national economy in 2023 increased by 1.0% compared to 2022, compared to an increase of 5.5% in 2022,
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gross value added in industry in 2023 decreased by 0.7% compared to 2022, compared to an increase of 7.6% in 2022,
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gross value added in construction in 2023 compared to 2022 increased by 3.4%, compared to an increase of 5.1% in 2022,
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gross value added in trade and repairs in 2023 compared to 2022 decreased by 2.4%, compared to an increase of 2.3% in 2022, the Central Statistical Office reported.
“In 2023, domestic demand decreased by 4.1% in real terms compared to 2022, which saw an increase of 5.2%. Total consumption in 2023 decreased in real terms by 0.1%, including consumption in the household sector by 1.0% (in 2022, an increase was recorded by 4.1% and 5.2%, respectively)” – we read further.
Gross fixed capital formation in 2023 increased by 8.0% compared to the previous year (compared to an increase of 4.9% in 2022). The investment rate in the national economy (ratio of gross fixed capital formation to gross domestic product at current prices) in 2023 was 17.4% compared to 16.8% in 2022.
The data are preliminary and may be subject to revision, in accordance with the revision policy applied in national accounts, the Central Statistical Office reported.