Poland's Economy Grows 3.4% in First Quarter Despite Energy Headwinds
Polish statistics office data show the economy expanded 3.4% in the first quarter of 2026 compared with a year earlier. The reading came in despite high energy costs and Iran-war pressure on external demand, supported by resilient domestic consumption and investment. It is one of the fastest growth paces in the European Union.
Provisional data from Poland's statistics office showed the economy grew 3.4% in the first three months of 2026. The print came in above the 3.2% consensus and signalled resilience in domestic dynamics despite the global supply shock from the Iran war.
Private consumption and EU-fund-backed public investment were the main drivers of growth. Industrial production slowed in energy-intensive sectors, while services and construction kept up a strong pace. The labour market remained tight as real wages continued to rise.
The National Bank of Poland is likely to keep signalling delays to any rate cut given persistently high energy inflation. The zloty drew modest support from the data, while the main Warsaw stock index, the WIG20, traded in a narrow range.
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