GUS Poland reports 3.2% GDP growth in Q2 2024

The Central Statistical Office (GUS) has released its second estimate for Gross Domestic Product (GDP) in the second quarter of 2024, revealing a notable 3.2% year-on-year increase. This marks a significant rebound from a 0.6% decline in the same quarter of 2023.

According to the data, the seasonally unadjusted GDP grew by 3.2% compared to the previous year, while the real, seasonally adjusted GDP, measured at constant 2015 prices, rose by 1.5% from the previous quarter and was 4% higher than a year ago.

Domestic demand had a strong positive impact on GDP growth, contributing 4 percentage points in Q2 2024, a substantial increase from the 1.6 percentage points recorded in Q1 2024. Investment demand also positively influenced GDP growth, contributing 0.4 percentage points, reversing the -0.2 percentage point impact from the previous quarter. However, gross accumulation had a negative impact of -0.7 percentage points, improving from -3 percentage points in Q1 2024.

Net exports negatively affected economic growth, with a contribution of -0.8 percentage points, contrasting with a positive contribution of 0.4 percentage points in Q1 2024.

The growth was driven by a 4.3% increase in domestic demand, a 6.1% rise in total consumption, and a 2.7% increase in gross fixed capital formation. Household consumption grew by 4.7%, while gross accumulation decreased by 4%.

Additionally, GUS reported that the number of employed individuals reached 15.1 million at the end of March 2024. The average age of employees was 42.7 years, with men constituting 52.8% of the workforce. The gender distribution varied by age, with a higher proportion of women employed between the ages of 47 and 59.

This data provides a comprehensive overview of the economic performance and labor market trends in Poland, reflecting a period of significant growth and recovery.

Source: GUS and ISBnews