FX.co ★ Poland GDP Expands 0.2% In 2023

The Polish economy's growth significantly slowed down during 2023, as evidenced by a provisional report from Statistics Poland published on Wednesday.

The country's Gross Domestic Product (GDP) saw a mere 0.2% increase in 2023, a stark contrast to the robust growth of 5.3% it had experienced in 2022.

The data also revealed that the gross value added in the national economy progressed by 1.0%. The construction sector saw a boost, as output escalated by 3.4%, but the industrial sector went through a set back, declining by 0.7%.

Looking at spending trends, household consumption experienced a drop of 0.8%, as opposed to a rise of 2.9% in the preceding year. On a brighter note, gross capital formation exhibited accelerated growth, up by 1.8%.