Basic data

According to preliminary estimates, gross domestic product, in real terms was by 2.9% higher as compared to the previous year (in 2023, an increase of 0.1% was recorded).

The number of employed in the national economy, for the second year in a row, was slightly lower than the year before. Average paid employment in the enterprise sector declined slightly as compared to 2023 (when a minor increase was recorded). The registered unemployment rate at the end of 2024 was similar to the one recorded a year ago and lower than in previous years.

The average nominal gross retirement and other pensions in both systems increased to a lesser extent than in the previous year (but more than wages and salaries). The growth rate of real benefits from the non-agricultural social security system accelerated, while the one of farmers remained similar to that observed in 2023.

The annual average increase in consumer goods and services prices was significantly smaller than in 2023 and below the assumptions of the budget act. The price dynamics slowed across all groups of goods and services, with dwelling prices rising more than overall consumer prices, while the increase in food and non-alcoholic beverages prices was smaller. Prices related to transport, among others, were lower than in 2023. Since April 2024, inflation has been accelerating, but at the end of the year, it slowed down (in November and December, the growth was 4.7% in each month).

Sold production of industry increased slightly compared to 2023. In units with more than 9 employed persons sales rose across most sections of industry, with their highest increase observed in water supply, sewerage, waste management and remediation activities. In manufacturing the increase was close to that in industry in total. Whereas, a decline of sold production was recorded in mining and quarrying. Among the main industrial groupings, sales increased in the production of durable and non-durable consumer goods, while they decreased in the production of intermediate goods, of energy and, slightly, of capital goods.

For the second year in a row, the number of dwellings completed decreased. However, there was a significant increase in the number of dwellings for which permits have been granted or which have been registered with a construction project, as well as dwellings in which construction has begun (following declines in the two previous years).

Retail sales were higher than in the year before (when a decline was recorded). In entities above 9 employed persons, sales in most groups were higher than in 2023, among others, in units trading in motor vehicles, motorcycles, parts as well as solid, liquid and gaseous fuels. The decline in sales in food, beverages and tobacco products as well as in furniture, radio, TV and household appliances was smaller than a year earlier, whereas the decline in textiles, clothing, footwear was significantly larger.

Global agricultural production was higher than in the previous year (following a decline in 2023), driven by an increase in animal production. The decline in crop production persisted, with its scale similar to that observed a year earlier.

The average procurement prices of basic cereals were significantly lower than in 2023. Among animal products, the prices of animals for slaughter decreased (most notably for pigs), while milk prices increased.

Consumer confidence indicators, which synthetically describe the current and expected trends in individual consumption, are less unfavourable than in December 2024. Among other things, pessimistic forecasts regarding the country's economic situation, assessments of the current financial situation of households, and expectations for the unemployment rate have improved Respondents expect the increase in consumer prices to persist.

Concerns among consumers about the threat posed by the current situation in Ukraine are slightly smaller or similar to those reported in December 2024. According to 28% of respondents, the conflict in Ukraine poses a significant threat to Poland's sovereignty and independence (compared to 31% a month earlier), while 26% consider it a major threat to the Polish economy (compared to 28%). Similarly to the previous month, in the opinion of 7% of respondents, the war in Ukraine is a significant threat to their personal financial situation. The loss of job or ceasing their own business activities due to the war is a serious concern for 2% of respondents (vs. 3% in the previous month), while 7% still perceive the possibility of such a situation.