Poland records EU’s fastest GDP growth

Poland recorded the EU’s largest annual and quarterly GDP growth in the second quarter of 2024, new Eurostat figures show.

In annual terms, Poland’s economy grew 4%, ahead of Cyprus (3.7%) and Spain (2.9%). Five countries saw their economies shrink: Estonia (-1.7%), Ireland (-1.4%), Finland (-0.7%), Latvia (-0.4%) and the EU’s largest economy, Germany (-0.1%). The EU’s economy as a whole grew by 0.8%

On a quarterly basis, Poland’s GDP rose by 1.5%, compared to 0.3% for the EU as a whole, show the Eurostat figures published today, which are based on seasonally adjusted data and cover 22 of the bloc’s 27 member states.

Meanwhile, Poland’s own state statistical office, GUS, reported that in unadjusted terms Poland’s GDP grew by an annual 3.2% in the second quarter, well above the 2.7% expected by analysts and the 2% recorded in the first quarter. The news was welcomed by Prime Minister Donald Tusk.

“Everyone surprised by the growth of the Polish economy in the second quarter of this year,” he wrote on X. “We are better than all the big EU countries, and we beat the Germans by a long shot.”

Germany is Poland’s largest trading partner, responsible for 27.9% of Polish exports and 19.8% of imports in 2023, notes news service WPN, citing calculations by the Polish Economic Institute (PIE).

Wszyscy zaskoczeni wzrostem polskiej gospodarki w drugim kwartale tego roku. Miało być 2,7
a jest 3,2. Jesteśmy lepsi od wszystkich dużych państw UE, a Niemców to bijemy na głowę😁🇵🇱

— Donald Tusk (@donaldtusk) August 14, 2024

Analysts from PKO Bank, however, were more cautious, noting that “quarterly data for Poland is highly volatile and frequently revised, making it not fully comparable with data for other EU countries and [meaning it] should be approached with caution.”

“This does not change the fact that the scale of the post-pandemic recovery in Poland is one of the highest in the entire EU,” they added.

According to the bank’s calculations, from the final quarter of 2019 – before the start of the pandemic – to the second quarter of 2024, Poland recorded the EU’s fourth highest GDP growth, of 12.5%. Only Malta (18.8%), Croatia (17.4%) and Cyprus (15.6%) grew by more.

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