Poland's GDP jumped in the second quarter of 2024, with the country posting year-on-year growth of 4.0%, according to newly released figures from Eurostat. Compared to the first quarter of 2024, Poland's GDP grew by 1.5%, the Luxembourg-based statistics body says.
The numbers – based on seasonally adjusted data – put Poland in an envious position compared to its peers. The EU's GDP growth came in at 0.8% in the second quarter, while the Euro area posted growth of 0.6%.
Data outlining the contributing factors to Poland’s growth will be published later this month, but analysts have cited a recovery in consumption from both the public and private sectors as the likely reason behind the positive news.
Poland's seasonally unadjusted figures are also encouraging. "According to the flash estimate, GDP in volume terms seasonally unadjusted was higher by 3.2% in the 2nd quarter of 2024 year-to-year against 0.6% decrease in the corresponding period of 2023," a 14 August statement from Statistics Poland says.
In a post on X (formerly Twitter) translated via Google, Poland's prime minister, Donald Tusk, was bullish about his country's figures. "Everyone was surprised by the growth of the Polish economy in the second quarter of this year," he says. "It was supposed to be 2.7 and it's 3.2. We are better than all large EU countries, and we beat the Germans."
A member of the EU since 2004, Poland's key trading partners include its neighbour Germany. A European Commission document describes the country as being "well integrated" into the EU's single market. "Around 70% of its foreign trade takes place within the EU," the document adds.