Statistics Poland (GUS) has published detailed figures on economic growth in the third quarter of 2025. According to the updated data, real GDP (not seasonally adjusted) expanded by 3.8% year on year. This is slightly higher than the “flash estimate” released in mid-November, which had pointed to 3.7% growth.

Seasonally adjusted data also show improvement in the short term: in the third quarter of 2025, real GDP was 0.9% higher than in the previous quarter, and at the same time 3.8% higher than a year earlier in seasonally adjusted terms. This matters because it suggests that the acceleration is not only a base effect—growth also maintained positive momentum quarter to quarter.

The most important takeaway from the report is the composition of growth. In the third quarter of 2025, the main driver was domestic demand, which increased by 3.7% year on year. Within that, both consumption and investment played a central role.

Investment is the standout story in the latest release. Gross fixed capital formation rose by 7.1% year on year, compared with a decline of 0.7% in the previous quarter. This shift is significant not only for the headline GDP figure, but also for the economy’s growth potential in the quarters ahead. At the same time, the investment rate (investment as a share of GDP at current prices) increased to 16.4%, up from 15.8% a year earlier.

On the consumption side, support remains solid. Household consumption expenditure grew by 3.5% year on year, while total final consumption expenditure (including the public sector) rose by 4.4%. GUS also noted that net exports made a positive contribution to growth, meaning the external balance was no longer acting as a drag to the same extent as in some earlier periods.

From the supply-side perspective (gross value added by sector), the strongest year-on-year gains were recorded in transport and warehousing (+5.3%) and industry (+4.9%). Wholesale and retail trade and repair also posted robust growth (+4.3%), as did broadly defined public services, including administration, education, and healthcare (around +4.5%).

Not all sectors shared in the upswing. Construction remained slightly positive, but growth was modest at 0.3% year on year. A clear decline was reported in financial and insurance activities (about -3.4%), showing that the recovery is not evenly distributed across the economy.

Overall, the third-quarter 2025 data paint a fairly clear picture: growth is faster than a year earlier and increasingly underpinned by domestic factors—especially investment. If this trend continues in subsequent quarters, it could mean a healthier growth structure that is less reliant solely on consumption. At the same time, weaker signals from construction and finance suggest that parts of the economy are still moving cautiously. In practical terms, with investment rebounding and consumer demand holding up, Poland enters 2026 with more momentum than it had several quarters earlier.