In Q1 2020, Gross Domestic Product grew by 2.0% y/y, compared with a 3.2% y/y increase in Q4 2019, while year-on-year inflation was 2.9%. - The Central Statistical Office (GUS) informed.
Prices of consumer goods and services in May 2020 increased by 2.9% y/y and decreased by 0.2% compared to the previous month. - The Central Statistical Office (GUS) has reported a flash estimate.
Core inflation below zero?
In April, the CPI index was respectively: 3.4% y/y and -0.1% mdm, respectively.
- Inflation continued to decline in May and amounted to 2.9% y/y, and in June it will fall to ca. 2.5%. Our forecasts assume that in 2021 core inflation will fall below zero, CSO data Piotr Bartkiewicz, Pekao economist, commented.
GDP growth in the first quarter
Whereas, in the first quarter of 2020, the Gross Domestic Product grew by 2.0% y/y compared with a 3.2% y/y increase in the fourth quarter of 2019.
Earlier, the Central Statistical Office (GUS) reported in flash estimates that in Q1, GDP grew by 1.9% y/y.
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GDP higher than expected by economists. GUS publishes preliminary data
The Central Statistical Office data also show that investments in the first quarter increased by 0.9% y/y, private consumption grew by 1.2%, while domestic demand grew by 1.7% y/y.
Economists surveyed by PAP Biznes (Polish Press Agency Business) expected that in Q1, investments grew by 3.0%, private consumption grew by 1.5%, while domestic demand grew by 1.4% y/y.
According to the Central Statistical Office (GUS), in the first quarter of this year the main factor of economic growth was domestic demand.