During the second quarter of the year, the Polish economy recorded a year-on-year GDP growth rate of 7.00%, a deceleration from the previous quarter. On the labour market, the unemployment rate stood at 2.60%, down from the previous quarter. The Zloty depreciated against the euro by PLN 0.03/€ compared to the first quarter of the year, increasing the exchange rate to PLN 4.65/€. Inflation continued to rise for the fifth consecutive quarter, standing at a year-on-year growth rate of 13.93%.
Macroeconomic outlook report: Poland 2Q22
Macroeconomic overview
- During the second quarter of 2022, the year-on-year rate of change in Polish GDP decreased by 1.50 p.p. compared to 1Q22, to stand at a rate of 7.00%. This decline was mainly due to rising inflationary pressures.
- The year-on-year rate of change in domestic demand decelerated significantly by 6.00 p.p. from the previous quarter, to reach a rate of 7.20% in 2Q22.
- As regards the labour market, the unemployment rate stood at 2.60% in 2Q22, which was 0.50 p.p. lower than in 1Q22.
- During 2Q22, the Polish Zloty depreciated against the euro by 0.03 PLN/€ compared to the first quarter of the year, increasing the exchange rate to 4.65 PLN/€.
- During this quarter, inflation accelerated by 4.30 p.p. to a year-on-year growth rate of 13.93% in the second quarter of the year.
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