Poland’s unemployment rate, measured by the Labour Force Survey (BAEL), decreased to 2.7% in Q2 2024 from 3.1% in the previous quarter, according to the Central Statistical Office (GUS). Despite this positive trend, the labor force participation rate showed a minor decline, from 58.5% to 58.3%, while the employment rate edged up slightly from 56.6% to 56.7%.
Seasonal Factors Impact Future Projections
Sebastian Sajnóg from the Polish Economic Institute (PIE) cautioned that a drop in the unemployment rate below 5% is unlikely in the near term. Although the registered unemployment rate remained low at 5.0% in July 2024, it marked a slight increase from 4.9% in June, an unusual rise for the summer months. Sajnóg noted that this uptick is primarily due to seasonal factors, and he expects the rate to rise further towards the end of the year.