By Wojciech Kosc in Warsaw Polish GDP expanded 1.7% year on year in the fourth quarter, after a gain of 0.3% y/y in the preceding three months (chart), seasonally adjusted data from the statistical office GUS showed in a preliminary reading on February 29. Private consumption, the longtime driver of Polish economy, stagnated in Q4, as households rebuilt savings, weakened by the pandemic period, and in the wake of the gradual outflow of refugees from Ukraine. In effect, household consumption declined 0.1% y/y in the fourth quarter, following an expansion of 0.8% y/y in Q3. Investment, on the ot…