WARSAW, Jan. 30 (Xinhua) -- Poland's gross domestic product (GDP) expanded by 2.9 percent in 2024, marking a strong rebound from the modest 0.1 percent growth recorded in the previous year, according to preliminary estimates released by the Central Statistical Office (GUS) on Thursday.
The recovery was primarily fueled by a surge in private consumption, which increased by 3.1 percent year-on-year, supported by rising real household incomes and improving consumer confidence.
Economic activity across sectors showed mixed results. The national economy's gross value added rose by 2.1 percent, up from 1.2 percent in 2023. Industrial production returned to positive territory with 1 percent growth, reversing a 0.8 percent decline in the previous year. Trade and repair services expanded by 2.3 percent, while the construction sector faced a sharp 6.7 percent contraction.
Economists at PKO BP attributed the recovery largely to household spending, though they noted that consumer demand remained tempered by cautious spending habits, as savings levels rebounded in response to positive real interest rates.
Analysts at Bank Pekao described the GDP figures as a "pleasant surprise," highlighting an acceleration in economic activity during the fourth quarter of 2024, with estimated annualized growth between 3.2 percent and 3.5 percent.
