We've cut our GDP growth forecast for Poland by 0.1ppt to 3.4% this year and by 0.2ppts to 3% for 2026. The downward revision stems from the heightened uncertainty that the fast-changing US trade policy has triggered. Moreover, following a solid January, subsequent Q1 data indicated that sequential growth had eased relative to Q4 2024. Faster monetary policy easing, and German fiscal stimulus should offer support in 2026 and beyond, though.
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