Poland’s economy grew 2% in Q1 following 1% growth in Q4 2023, according to a preliminary estimate by the country’s statistics office.

This latest reading surpassed an initial flash estimate by 0.1 percentage point, released in mid-May by the Statistics Poland (GUS) office.

Furthermore, investment fell by 1.8%, whilst private consumption increased by 4.6% in Poland in Q1, as reported by Statistics Poland.

Domestic demand increased by 1.7%, the office added.

The country’s GDP grew by 0.2% last year, following 5.6% growth in 2022, the statistics office went on to add.

Back in April, Finance Minister Andrzej Domański stated Poland’s economy was on course to grow 3.1% in 2024 and 3.7% in 2025.

In March, the central bank, the National Bank of Poland (NBP), forecast that the country’s economy would grow 3.5% this year, 4.2% next year, and 3.3% in 2026.

Moreover, the European Bank for Reconstruction and Development (EBRD) stated in May that it estimated Poland’s GDP to grow 2.9% in 2024 and 3.5% in 2025.

In May, the European Commission hiked its forecast for Poland’s economic growth in 2024 to 2.8%, from a prior forecast of 2.7%.

Additionally, the Commission also projected that the country’s economy would grow 3.4% in 2025.

At the beginning of the year, Poland’s president Andrzej Duda signed the country’s budget for this year into law, which forecasts the economy would grow 3% in 2024.