Business

Poland’s GDP up by 2.9% in 2024

Photo by Jaap Arriens/NurPhoto via Getty Images
The Polish economy continues to outperform the EU average. Photo by Jaap Arriens/NurPhoto via Getty Images
podpis źródła zdjęcia

Initial estimates for Polish GDP put 2024 growth at 2.9% in real terms, putting it well ahead of the EU average, the head of Statistics Poland (GUS) said on Thursday.

In 2023 GDP grew by 0.1%. 


“The European Commission's forecasts predict an average growth of 0.9% in the EU,” said Marek Cierpiał-Wolan during a press conference on Thursday. 


The GDP figures came in a barrage of economic data published by GUS, which included 4% increases in domestic demand and total consumption. 


“Total industrial output increased by 0.3%, and the same was true for industrial production in companies employing more than 9 people—there, the increase was also 0.3%,” said the head of GUS. 


Food and non-alcoholic beverage prices rose, as well as housing-related costs, while transport became cheaper. 


GUS also provided figures on Poland’s demographic situation.  


At the end of last year, the Polish population was 37.5 million, a decrease of 147,000 compared to the end of 2023. The head of GUS said the country's population has been declining since 2012. 


In the last year, 252,000 children were born—the fewest since the end of the Second World War—and 409,000 people died.  


The migration balance was positive, with 6,800 more people arriving. 


According to GUS data, employment in 2024 decreased by 0.4% compared to the end of 2023, and the number of people employed in the national economy decreased by 0.1%. The unemployment rate stood at 5.1%. 


“We have one of the lowest unemployment rates in the EU, with only the Czech Republic ahead of us,” said the head of GUS. 

More In Business MORE...