Poland’s economy recorded stronger-than-expected growth in 2024, according to revised figures from Statistics Poland (GUS), though recent data on business sentiment and foreign employment suggest that momentum may be slowing as 2025 progresses. Revised national accounts show that gross domestic product rose by 2.9 percent in real terms in 2024 compared with the previous year, marking a clear improvement from the near stagnation of 2023. Growth was supported primarily by household consumption and public investment, while exports acted as a drag amid a weaker European demand environment. In nominal terms, GDP reached PLN 3.64 trillion. The final quarter of 2024 registered 3.2 percent year-on-year growth, confirming that the economy entered 2025 with solid underlying strength. Economists credit this performance to the resilience of the domestic market and the gradual easing of inflation, which helped restore consumer purchasing power. The labour market also remained robust, underpinned by a steady inflow of foreign workers. Experimental statistics from GUS show that as of March 2025, over 1.06 million foreigners were working in Poland — a 5.5 percent increase compared with the previous year. This represents a continuation of the upward trend seen since 2022, confirming Poland’s position as one of Central Europe’s most significant labour destinations. While updated figures for April have not yet been published, economists expect that the number has remained above one million. The reliance on foreign labour continues to play a stabilising role for sectors facing domestic labour shortages, particularly in manufacturing, logistics, construction, and services. Despite the encouraging macroeconomic data, business sentiment weakened toward the end of the summer. The latest regional business tendency survey from Statistics Poland, covering September 2025, indicates that companies across Poland are growing more cautious. Firms in manufacturing and construction reported concerns over rising costs, regulatory uncertainty, and reduced order volumes. Although consumer sentiment showed modest improvement in September, business expectations for future demand remain restrained. Many companies have slowed hiring or delayed investment decisions while awaiting clearer economic signals from European markets. The combination of solid past growth and emerging caution highlights the complex environment Poland faces entering 2026. Strong domestic consumption and public investment have offset weaker external demand, but export-oriented sectors remain vulnerable to the slowdown in the euro area. Dependence on foreign workers, while a strength in maintaining production, also exposes the economy to regional migration trends and labour policy shifts. Overall, the data suggest that Poland remains one of the more resilient economies in Central Europe, but sustaining growth will depend on improving productivity, strengthening business confidence, and maintaining labour market flexibility. Further clarity is expected in coming months as new employment and sentiment figures are released, offering a clearer view of whether Poland’s growth trajectory will continue or begin to level off in the face of a cooling European economy. Source: GUS