Markets Actual Q3 Q4 Q1 Q2 2023
Currency 4.68 4.59 4.68 4.78 4.88 5.09
Stock Market (points) 53662.32 51291 49234 47262 45365 41799
Government Bond 10Y (%) 6.89 6.75 6.97 7.19 7.42 7.91

Overview Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) 2.50 0.3 0.7 1.1 1 0.8
GDP Annual Growth Rate (%) 8.50 2.6 1.3 1.2 2.7 4
Unemployment Rate (%) 5.10 6 6.5 6.5 6.5 6
Inflation Rate (%) 15.60 12.3 10.6 8 6 6.4
Inflation Rate Mom (%) 1.50 0.3 0.6 0.5 0.5 0.6
Interest Rate (%) 6.00 7.25 7.25 7.25 7.25 6.25
Balance of Trade (EUR Million) -2466.00 4700 1700 -1300 -1000 -600
Current Account (EUR Million) -3924.00 760 300 250 500 590
Current Account to GDP (% of GDP) 3.60 2 2 1.5 1.5 1.5
Government Debt to GDP (% of GDP) 53.80 55.1 55.1 51.5 51.5 51.5
Government Budget (% of GDP) -1.90 -4.1 -4.1 -4.5 -4.5 -4.5
Business Confidence (points) -13.00 -6 -7 -5.5 -5.5 -3
Manufacturing PMI (points) 44.40 50.2 51.3 52.5 52.8 52.6
Consumer Confidence (points) -43.80 -16 -7 -6.8 -6.8 -6
Retail Sales MoM (%) -0.80 -0.8 0.5 0.6 0.6 0.5
Corporate Tax Rate (%) 19.00 19 19 19 19 19
Personal Income Tax Rate (%) 32.00 32 32 32 32 32

GDP Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) 2.50 0.3 0.7 1.1 1 0.8
GDP Annual Growth Rate (%) 8.50 2.6 1.3 1.2 2.7 4
GDP (USD Billion) 674.05 660 660 660 660 695
GDP Constant Prices (PLN Million) 652703.80 620912 628750 704692 660536 732880
Gross Fixed Capital Formation (PLN Million) 81050.20 20831 104345 155406 82023 161622
GDP per capita (USD) 14660.79 18600 18600 18600 18600 19500
GDP per capita PPP (USD) 37502.56 34600 34600 34600 34600 35400
Full Year GDP Growth (%) 5.70 4 4 3.5 3.5 3.5
GDP From Agriculture (PLN Million) 16081.90 14431 14708 14195 14181 14763
GDP From Construction (PLN Million) 26977.20 43489 41432 46519 46474 48380
GDP From Manufacturing (PLN Million) 113711.00 95663 100982 137652 137516 143158

Labour Actual Q3 Q4 Q1 Q2 2023
Unemployment Rate (%) 5.10 6 6.5 6.5 6.5 6
Long Term Unemployment Rate (%) 0.80 1.3 1.2 1.2 1.2 1.2
Youth Unemployment Rate (%) 8.80 9.7 10.2 10.2 10.2 10.2
Labour Costs (points) 132.64 137 136 122 137 125
Wages (PLN/Month) 6235.22 6005 6087 6247 6435 6403
Wages in Manufacturing (PLN/Month) 6142.72 6153 6064 6383 6514 6542
Wage Growth (%) 13.50 7.6 4.2 4.2 3.2 2.5
Minimum Wages (EUR/Month) 654.79 640 640 640 640 640
Population (Million) 37.96 37.92 37.92 37.92 37.92 37.88
Retirement Age Women 60.00 60 60 60 60 60
Retirement Age Men 65.00 65 65 65 65 65
Labor Force Participation Rate (%) 57.40 57.5 57.6 57.6 57.6 57.8
Employment Change (%) 2.40 2.6 1.9 2.1 2.1 2
Employment Rate (%) 71.00 69.6 69.5 69.5 69.5 69.9

Prices Actual Q3 Q4 Q1 Q2 2023
Inflation Rate (%) 15.60 12.3 10.6 8 6 6.4
Inflation Rate Mom (%) 1.50 0.3 0.6 0.5 0.5 0.6
Consumer Price Index CPI (points) 219.50 224 220 223 229 237
Core Inflation Rate (%) 8.50 2.5 2.4 2.4 2.4 2.4
GDP Deflator (points) 113.00 126 125 125 122 133
Producer Prices (points) 139.30 119 120 125 137 127
Producer Prices Change (%) 24.70 3 2.6 2.2 2.2 2
Food Inflation (%) 13.50 2 1.9 1.9 1.9 1.9
Harmonised Consumer Prices (points) 128.10 132 129 131 134 140

Money Actual Q3 Q4 Q1 Q2 2023
Interest Rate (%) 6.00 7.25 7.25 7.25 7.25 6.25
Money Supply M1 (PLN Million) 1666786.60 1699332 1699332 1699332 1699332 1699332
Interbank Rate (%) 7.02 8.27 8.27 8.27 8.27 7.77
Money Supply M2 (PLN Million) 2005087.71 1952016 1952016 1952016 1952016 1952016
Money Supply M3 (PLN Million) 2015134.60 1960426 1960426 1960426 1960426 2368155
Foreign Exchange Reserves (USD Million) 156220.00 177000 185000 185000 185000 191000
Deposit Interest Rate (%) 5.50 6.75 6.75 6.75 6.75 6.25
Private Debt to GDP (%) 122.70 118 118 118 118 115
Cash Reserve Ratio (%) 3.50 0.5 0.5 0.5 0.5 0.5

Trade Actual Q3 Q4 Q1 Q2 2023
Balance of Trade (EUR Million) -2466.00 4700 1700 -1300 -1000 -600
Current Account (EUR Million) -3924.00 760 300 250 500 590
Current Account to GDP (% of GDP) 3.60 2 2 1.5 1.5 1.5
Imports (EUR Million) 29025.00 23400 24100 24800 24800 26100
Exports (EUR Million) 26559.00 25100 22800 23800 23800 25500
Foreign Direct Investment (EUR Million) 203380.50 201500 201500 201500 201500 212500

Government Actual Q3 Q4 Q1 Q2 2023
Government Debt to GDP (% of GDP) 53.80 55.1 55.1 51.5 51.5 51.5
Government Budget (% of GDP) -1.90 -4.1 -4.1 -4.5 -4.5 -4.5
Government Budget Value (PLN Million) 12054.10 4700 3000 -56200 -56200 -50200
Government Spending (PLN Million) 114168.20 92976 116062 142938 115538 148655
Government Spending to GDP (% of GDP) 48.70 43 43 43 43 41
Government Revenues (PLN Million) 209964.70 320200 434000 434000 434000 445000
Government Debt (PLN Million) 1153767.62 1169000 1151000 1151000 1151000 1172000
Fiscal Expenditure (PLN Million) 197910.60 317200 490200 490200 490200 495200

Taxes Actual Q3 Q4 Q1 Q2 2023
Corporate Tax Rate (%) 19.00 19 19 19 19 19
Personal Income Tax Rate (%) 32.00 32 32 32 32 32
Sales Tax Rate (%) 23.00 23 23 23 23 23
Social Security Rate (%) 35.85 36.12 35.85 35.85 35.85 35.85
Social Security Rate For Companies (%) 22.14 22.41 22.14 22.14 22.14 22.14
Social Security Rate For Employees (%) 13.71 13.71 13.71 13.71 13.71 13.71

Business Actual Q3 Q4 Q1 Q2 2023
Business Confidence (points) -13.00 -6 -7 -5.5 -5.5 -3
Manufacturing PMI (points) 44.40 50.2 51.3 52.5 52.8 52.6
Industrial Production (%) 15.00 4 3.4 6.3 6.3 4.5
Industrial Production Mom (%) -0.40 -1 0.7 0.7 0.7 0.7
Manufacturing Production (%) 11.70 7 4 2.8 2.8 4
Car Production (Thousand Units) 23.60 44 37 37 37 45
Car Registrations 35897.00 51200 59400 59400 59400 66400
Mining Production (%) 18.70 1.8 1.6 1.3 1.3 1.2
Corporate Profits (PLN Million) 78596.30 155100 215000 215000 215000 236000

Consumer Actual Q3 Q4 Q1 Q2 2023
Consumer Confidence (points) -43.80 -16 -7 -6.8 -6.8 -6
Retail Sales MoM (%) -0.80 -0.8 0.5 0.6 0.6 0.5
Retail Sales YoY (%) 23.60 3.6 3 3 3 3
Consumer Spending (PLN Million) 385854.70 117531 368840 348548 390485 362489
Personal Savings (%) 1.23 5.8 14 14 14 12
Households Debt To Income (%) 55.90 61 61 61 61 60
Gasoline Prices (USD/Liter) 1.76 1.82 1.89 1.96 2.03 2.03
Consumer Credit (PLN Million) 816946.69 842220 841538 837438 833504 870935

Housing Actual Q3 Q4 Q1 Q2 2023
Construction Output (%) 10.70 3.6 3 3 3 3
Housing Index (points) 155.15 150 152 152 152 159
Building Permits 42100.00 85100 109800 109800 109800 115100


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Poland Forecast - was last updated on Thursday, July 7, 2022.