Basic data

In the fourth quarter of 2024, the year-on-year growth of gross domestic product was higher than in the previous period and in the fourth quarter of 2023.

In 2024, gross domestic product was by 2.9% higher in real terms than a year earlier (compared to a 0.1% increase in 2023).

The decrease of average paid employment in the enterprise sector was slightly larger than the one observed in subsequent months of 2024. In the register rolls of the unemployed, fewer persons were recorded than in January 2023, fewer persons were removed from the register as well. The registered unemployment rate at the end of January 2024 was slightly lower than in the previous month and similar to the one recorded a year before.

According to preliminary results of the Labour Force Survey, in the fourth quarter of 2024, the number of employed persons as well as the employment rate were smaller than a year ago. The number of unemployed persons and the unemployment rate decreased annually.

Nominal and real gross retirement and other pensions in both systems increased year-on-year at a similar pace as in previous months.

The year-on-year increase in prices of consumer goods and services was the highest in a year. The growth rate of dwelling related prices accelerated compared to previous months (including a significant increase in electricity, gas and other fuels prices) as well as of food and non-alcoholic beverages prices. Prices of goods and services related to transport were slightly higher than a year before (against a decrease of these prices persisting since August 2024).

Sold production of industry decreased in annual terms, which was influenced among others by seasonal factors (after eliminating their impact a slight increase was recorded). Sales were lower than a year before in most sections of industry, with the most noticeable decline in mining and quarrying. In manufacturing (the main section of industry) the decrease was similar to that in industry in total. Among the main industrial groupings, sales dropped in the production of energy and of capital goods, while they increased in other groupings (the most significantly in the production of non-durable consumer goods).

More dwellings were completed than a year before. However, the number of dwellings for which permits have been granted or which have been registered with a construction project decreased (following a significant growth in January 2024). The number of dwellings in which construction has begun increased.

The year-on-year increase in retail sales was higher than January 2024. Sales grew in most groups, with the largest increase recorded in entities trading motor vehicles, motorcycles, parts. After nearly two years of decline, sales increased in group of the furniture, radio, TV and household appliances as well as in the textiles, clothing, footwear. Additionally, a slight increase was recorded, after declines since April 2024, in the food, beverages and tobacco products group. A decline in sales was observed, among others, in units trading solid, liquid and gaseous fuels.

Most agricultural products were sold at higher prices than a year earlier, except for pork livestock and potatoes.

The consumer confidence indicator, which reflects current tendencies in individual consumption, improved compared to the previous month, while the indicator informing about expected tendencies, deteriorated. Assessments, among others, of the current possibility of making important purchases, are less unfavourable than in January 2025, whereas predictions regarding, among others, unemployment level are more negative.

Consumers' concerns about the threat posed by the current situation in Ukraine remain mostly slightly higher or similar to those reported in January 2025. As in the previous month, according to 28% of respondents the conflict in Ukraine poses a significant threat to Poland’s sovereignty and independence, while 25% consider it a major threat to the Polish economy (compared to 26%). In the opinion of 9% of respondents, the war in Ukraine is a significant threat to their personal financial situation (vs. 7% in January 2025). The loss of job or ceasing their own business due to the war is serious concern expressed by 3% of respondents (vs. 2% a month earlier), while 8% recognize the possibility of such a situation occurring (vs. 7%).