We cut our 2025 GDP growth forecast for Poland by 0.1ppt to 3.2%. Our 2026 call saw a stronger 0.4ppt cut to 3.4%. The economy ended last year on a strong note as the flash estimate for Q4 indicated growth at 1.3% q/q. While we expect the solid performance to continue, weak foreign demand and high interest rates at home will keep a lid on its pace. However, the strong end to 2024 means we now consider risks to our near-term forecasts as skewed to the upside.
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