Polish economy to slow down in second half-year says think-tank

An economic slowdown is to be expected in the second half of the year, the Polish Economic Institute (PIE), a government think-tank, said on Wednesday citing the latest figures from the Central Statistical Office (GUS).

Poland's statistical office GUS reported on Wednesday that the country's GDP grew 5.3 percent year on year in the second quarter against 8.5 percent in the first quarter and on a 2.3-percent seasonally adjusted quarterly decrease.

In its comment, the PIE noted that the result published by GUS was weaker than the median of market forecasts (6 percent).

According to the think-tank, the slowdown was related to lower consumer spending but the investment growth rate remained close to the previous quarter.

"The economic performance was still boosted by the accumulation of inventories by enterprises - but this is probably the last such quarter," analysts wrote.

They said they expect Poland's economic growth in Q3 to be close to 3 percent and that it will slightly exceed 4.5 percent in the whole of 2022.