Poland's general government deficit will likely be lower in 2022 than the 4.7 percent of GDP the government has assumed in the budget law for next year, the central bank's rate-setting body has said.
Increases in food prices in Poland will be biggest in Q4 2022 and will slow in subsequent quarters to single-digit growth expected in Q4 2023, the National Bank of Poland (NBP) has forecast in its November inflation report.
Poland's current account deficit rose to EUR 1.56 billion at the end of September 2022, against a deficit of EUR 3.33 billion recorded at the end of August, according to central bank figures released on Monday.
Poland's GDP is expected to rise to 4.6 percent in 2022, according to projections from Poland’s central bank released on Monday.
Inflation will peak at around 19 percent at the start of next year, but will fail to break the 20-percent barrier, said Adam Glapiński, governor of the National Bank of Poland (NBP).
Poland's rate setting council said on Wednesday that its decision to put interest rates on hold was based on expectations that the global economic slowdown along with monetary tightening in Poland and abroad will lower inflation towards the central bank's inflation target.
The Monetary Policy Council (RPP), the Polish central bank's rate-setting body, has kept the reference interest rate at 6.75 percent, it announced on Wednesday, despite rising inflation.
Inflation in Poland could fall to a single-digit level by the end of 2023, the deputy governor of Poland's central bank said on Monday.
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Poland's core inflation, which excludes the prices of food and energy, measured 10.7 percent year on year in September 2022, up from 9.9 percent in August, the National Bank of Poland (NBP) said on Monday.