Warsaw, August 14 (FFN) – Poland’s economy gained momentum in the second quarter of 2024, but inflation also accelerated in July, reaching its highest level in seven months, according to a report by the Polish statistical office, GUS, released on Wednesday. The report was based on data from RTTNews.
According to the final data from GUS, Poland’s gross domestic product (GDP) increased by 1.5% quarter-on-quarter during the April-June 2024 period. This marks a significant acceleration from the 0.8% growth recorded in the first quarter and exceeded economists’ expectations of 0.9%.
On a year-over-year basis, Poland’s GDP growth accelerated to 4% in the second quarter, up from 1.8% in the previous three months.
In a separate report, GUS noted that the annual inflation rate rose to 4.2% in July from 2.6% in June. This figure aligns with the preliminary estimate.
The rate of price increases for food and non-alcoholic beverages also picked up, rising to 3.2% in July from 2.5% in June.
On a month-to-month basis, consumer prices in Poland increased by 1.4% in July, a sharp rise compared to the 0.1% increase in the previous month.
Tables
Table 1: Poland’s GDP Growth (Q2 2024)
| Period | GDP Growth (QoQ) | GDP Growth (YoY) |
|---|---|---|
| Q1 2024 | 0.8% | 1.8% |
| Q2 2024 | 1.5% | 4.0% |
Table 2: Inflation Rate in Poland
| Month | Annual Inflation Rate | Monthly Inflation Rate |
|---|---|---|
| June 2024 | 2.6% | 0.1% |
| July 2024 | 4.2% | 1.4% |
