Poland Economy Rebounds In Q1; Inflation Rises As Estimated

(RTTNews) - The Polish economy expanded in the three months ending in March after contracting in the previous quarter, flash data from Statistics Poland showed on Wednesday.

Consumer price inflation increased for the first time in five months in April, the final figures revealed. 

Gross domestic product advanced 0.4 percent sequentially in the first quarter, reversing a 0.1 percent fall in the final quarter of 2023. Nonetheless, that was slower than the expected growth of 0.7 percent.

On a year-on-year basis, GDP growth accelerated to 1.9 percent in the March quarter from 1.0 percent in the December quarter.

Data also showed that seasonally unadjusted GDP grew at a slower pace of 1.3 percent annually in the first quarter versus 1.6 percent growth in the preceding three-month period.

In a separate report, the statistical office showed that consumer price inflation climbed to 2.4 percent in April from 2.0 percent in March. That was in line with the flash data published on April 30.

The annual price growth for food and non-alcoholic beverages rose to 2.9 percent from 1.9 percent in March. This was a result of higher regular VAT rates on food reinstated.

Utility costs were 1.4 percent more expensive, while transport charges dropped by 1.6 percent.

On a monthly basis, consumer prices rose 1.1 percent in April versus a 0.2 percent gain a month ago. In the flash report, the rate of increase was 1.0 percent.