Feb 28 (Reuters) - The Polish economy grew by 2.0%
year-on-year in the fourth quarter of 2022, compared with 3.6%
in the third quarter, the country's statistics office said on
Tuesday, confirming a slowdown caused by decline in consumption
due to high inflation.
The statistics office also said that in the fourth quarter
seasonally adjusted gross domestic product (GDP) fell by 2.4%
compared with the third quarter, versus a growth of 1.0% in the
third quarter compared with the second quarter. The readings are
consistent with previously released data.
"... in the fourth quarter there was a clear slowdown in the
economy, while its structure is in my opinion in line with
expectations," said Piort Bielski, director of the economic
analysis department of Santander Bank Polska.
"...consumption clearly slowed down, while investments did
quite well and inventories continued to grow."
Household consumption and total consumption both fell by
1.5% year-on-year. As a result, domestic demand slowed to 1.1%
from 3.1% in the third quarter, according to the statistics
office.
The statistics office said investment growth accelerated to
4.9% in the fourth quarter from 2.0% in the third quarter of
2022. In January inflation amounted to 17.2% year-on-year.
Analysts said economic activity indicators may deteriorate
further in the first quarter of 2023, but there is a chance that
they will gradually recover later this year.
"... we will most likely see a decrease in (the first
quarter) GDP y/y by about 0.5-0.8%," Monika Kurtek, chief
economist at Bank Pocztowy said in a note.
"However, the chances of getting out of the hole should
appear already in the second quarter, thanks to which the annual
GDP dynamics should be positive and amount to about 0.5-1.0%,"
she added.
(Reporting by Anna Koper and Pawel Florkiewicz; Editing by
Shounak Dasgupta)
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