GDP growth probably exceeded 8% on an annual basis in the first quarter of 2022 – indicated by the president of the National Bank of Poland (NBP) and the chairman of the Monetary Policy Council (MPC) Adam Glapiński.
GDP growth in the first quarter of 2022 was over 8%
At the beginning of March, Glapiński assessed that the economic situation in Poland was still very favourable, and the GDP growth in this period would amount to approx. 7%. year on year and over 4% throughout the year.
Therefore, today’s forecast of the head of the NBP is very optimistic.
“In the first quarter, the growth of our common wealth – GDP – probably accelerated to 8%, so it was very strong” , Glapiński said during a press conference.
The March inflation projection of the NBP assumes that there is a 50% probability that the annual GDP growth will be in the range of 3.4-5.3%. in 2022 (compared to 3.8-5.9% in the projection from November 2021), 1.9-4.1% in 2023 (compared to 3.8–6.1%) and 1.4–4% in 2024.
Not all dandy with the Polish economy
Unfortunately it is not all dandy with the Polish economy at the moment. The inflation is very high and the interest rates keep being raised and it is a nightmare for more and more Poles that can hardly pay their loans back.
A situation that does not seem to change in the coming months but the government says they have a plan for helping borrowers. Let’s hope for the sake of the borrowers that it is better than the backup plan for the lack of air controllers in Warsaw!