Central Statistical Office Publishes GDP Growth Figures For 4Q2017

Central Statistical Office has published preliminary data for the fourth quarter of 2017. The end of 2017 brought strong GDP growth figures. The national statistics institution estimates the economy was developing at that time at a rate exceeding 5 percent. This is very good news. According to the data collected and processed by the Central Statistical Office, the Polish economy has been at its strongest since 2008, the years when a global economic slowdown started. The 5.1% growth dynamic did not come as a surprise. The latest results are in line with the predictions of economic experts.

The reasons behind the strong GDP growth are good consumer spending and investment figures. In the fourth quarter of 2017, there has been an increase visible in particular with respect to government and self-government investment endeavors. This is good news, especially taking into consideration the fact that investment data were not so good in the first half of the year. Finally, we see an improvement in this area, which translates into good standing of the Polish economy as a whole.

The experts of PKO Bank Polski, the biggest bank in Poland, expressed the belief that 2018 will be a good time for the Polish economy and enterprises, just like 2017 turned out to be. The Ministry of Finance is very content as the goal assumed in the budget act for 2017 presumed annual GDP growth of 3.8%. Better-than-expected economic growth will translate into higher budget revenue.

Although the 5.1% growth reported by the Central Statistical Office looks impressive, the figure does not take into consideration the various number of days each quarter has. The seasonally adjusted figure is 4.3 percent. This is lower, but still puts Poland at the forefront of the latest Eurostat ranking of EU economies. The entire Eastern Europe is showing some good GDP growth figures, with Romania taking the lead with an unmatched 7 percent.

Implications for Banking and Business

Developments in the Polish banking sector affect businesses operating in the country in several ways. Access to corporate banking services, credit availability, deposit rates, and payment infrastructure are all critical factors for companies — whether established Polish firms or foreign-owned entities entering the market.

For foreign entrepreneurs setting up operations in Poland, choosing the right banking partner is a strategic decision. Major Polish banks including mBank, ING Bank Śląski, Bank Millennium, PKO BP, and Santander Poland offer varying levels of service for international clients, including English-language online banking, multicurrency accounts, and dedicated relationship managers for corporate clients.

The Polish banking market is well-regulated by the KNF (Financial Supervision Authority) and participates in the EU deposit guarantee scheme (BFG — Bank Guarantee Fund), providing deposit protection up to EUR 100,000 per depositor per institution. This regulatory framework provides stability and confidence for businesses maintaining corporate funds in Polish banks.

If you are doing business in Poland or considering entering the Polish market, Zalewski Consulting can help. Learn more about our bank account opening services, or contact us for a free consultation.