Poland's economy to expand by 3.8 pct in 2022 - MinFin

This year's economic growth is expected to reach 3.8 percent while annual inflation is to amount to 9.1 percent, according to a Finance Ministry macroeconomic forecast published on Tuesday.

The government on Tuesday approved a multi-year financial plan for the years 2022-2025, part of which was an updated convergence programme, which is to be handed over to the European Commission and European Council by April 30.

"In accordance with the adopted scenario, Poland's GDP is to expand by 3.8 percent in 2022 and to go down to 3.2 percent in 2023," the Finance Ministry wrote.

"In 2024, the economy will grow by 3.0 percent, and by 3.1 percent in 2025," it added.

The ministry wrote that Poland was a country with a low unemployment rate, and said that unemployment, calculated according to Population Economic Activity Research (BAEL), "will fall from 3.4 percent in 2021 to 2.7 percent in 2022."

The ministry also admitted that the fast economic revival was accompanied by growing inflation, but stated that its increase had been chiefly caused by external and geopolitical factors, especially energy prices.

"Poland's annual inflation is expected to amount to 9.1 percent in 2022, to fall to 7.8 percent in 2023, to 4.8 percent in 2024, and to 3.5 percent in 2025," reads the statement published by the ministry.

According to the Central Statistical Office, in March CPI inflation in Poland was 11.0 percent.