Economics

Poland’s government will end 0% VAT on food introduced two years ago to help soften the blow of soaring inflation. The finance ministry said the recent slowing of price rises renders the measure no longer necessary. “Due to the latest inflation readings and forecasts of prices of basic food products subject to the transitional 0%…

Moody’s confirmed Poland’s long-term foreign currency rating at the “A2” level, and its outlook remains stable, the agency said in a statement. The stable rating outlook is supported by the significant improvement in relations with the EU since the change of government in December 2023. “In addition to unlocking significant EU funds, this has already…

Industrial production in February 2024 increased by 3.3% compared to the previous year. On a monthly basis, it increased by 0.7%, according to the Central Statistical Office.  In February, sold industrial production was higher by 3.3% compared to February last year, when there was a decrease of 1.6% compared to the same period of the…

According to Central Statistical Office (GUS) data, Poland had a foreign trade surplus of €10.5 billion in 2023, with the country’s largest partner again Germany. Although Poland had a trade surplus in many regions, a foreign exchange deficit of €79.3 billion in trade with China stood out. According to the report presented by GUS on…

More than 60% of Central European CFOs expect revenue growth this year. According to those surveyed, the average GDP growth rate in the region in 2024 will be 1.1%. Central European companies have become accustomed to operating in a difficult economic environment, say chief financial officers (CFOs) from Central European countries. While more than half…

Bank Millennium believes the Polish economy will gradually recover this year, driven by stronger consumer sentiment. Economic growth at 2.9% with an upward outlook, which will be driven primarily by resurgent private consumption, a reduction in average annual inflation to just over 5%, and possible interest rate cuts of 50-75 bps – are Bank Millennium’s…

In 2024 approximately PLN 77 billion (€18 billion) will go to Poland from the National Reconstruction Plan, according to  the Deputy Minister of Finance Hanna Majszczyk. Prime Minister Donald Tusk said during a press conference on January 29 that the Polish government enjoys the trust of strategic partners abroad and therefore he does not see…

Economists believe that 2024 will see a recovery of the Polish economy, while 70% of Poles say that this year will be better for them financially than the previous one, an increase of 11 percentage points compared to a previous Ipsos study. But two out of three Polish respondents claim that prices will grow faster…

A further decline in orders and poor data from industry resulted in a deterioration of business sentiment in late 2024. This weakens the willingness to invest and employ new workers. However, this is a deeper problem for the whole of Europe, which is recovering slowly from the post-COVID crisis and must, including Poland, change its…

In recent years, we have become accustomed to numerous changes in tax law coming into force on the first of January. New legislation was usually passed in the last months of the previous year and took effect after a very short vacatio legis. So short, in fact, that the first weeks of each new year…