During the second quarter of the year, the Polish economy recorded a year-on-year variation rate of 11.14%, after increasing compared to the previous quarter. Regarding the labor market, the unemployment rate stood at 3.50% in the second quarter of the year, after decreasing with respect to the previous quarter. The zloty appreciated against the euro during the second quarter of 2021, recording an average exchange rate of PLN 4.53/€. Inflation accelerated from the previous quarter, up to a year-on-year growth rate of 4.47%.


Macroeconomic outlook report: Poland 2Q21

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Macroeconomic overview

  • During 2Q21, the y/y variation rate of the Polish GDP increased by 12.04 p.p. up to a rate of 11.14%.
  • This increase was the result of the relaxation of pandemic containment measures at the end of April and the comparatively low rate compared to the same quarter of the previous year.
  • Regarding domestic demand, its y/y variation rate accelerated by 11.81 p.p. when compared to the previous quarter, up to a growth rate of 12.81% in 2Q21.
  • As for the labor market, the unemployment rate stood at 3.50% in 2Q21, after decreasing by 0.50 p.p. compared to 1Q21.
  • During 2Q21, the Polish zloty appreciated against the euro, and the average exchange rate stood at 4.53 PLN/€, which was 0.02 PLN/€ smaller than the rate recorded in 1Q21.
  • During the second quarter of 2021, inflation accelerated by 1.73 p.p. up to a year-on-year growth rate of 4.47%.

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