The unfavourable economic situation in Poland has been impacting the domestic cement industry, with a gradual improvement only expected from the 2H23. Following significant investments to modernise its production base, the industry is now turning its attention to carbon capture as part of European efforts towards effective CO2 reduction. By Dr Eng Bożena Środa, Polish Cement Association, Poland.
Poland’s economy is currently facing a number of challenges including high inflation and related high interest rates, a slowdown in economic growth, as well as a decrease in real household income, an increase in operating costs, and a deterioration in business confidence, according to the Polish Institute of Economic Forecasts and Analysis (IPAG) in its latest report, which assesses the prospects for the domestic economy until the end of 2023.
In addition, the geopolitical situation and energy markets (primarily the gas market with its high price) continue to be highly uncertain. Consequently, economic forecasts, including those for the cement market, are subject to higher than usual risks.
Overall in 2022 Poland’s GDP is expected to grow by four per cent YoY, according to IPAG forecasts. During the final quarter of the year, a clear slowdown of ~1 per cent YoY growth is anticipated.
