Polish economy grows 2% in Q1 2020: stats office
The Polish economy grew 2 percent in the first quarter of this year, the country’s Central Statistical Office (GUS) said on Friday in a new estimate.
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The latest reading was a notch higher than a flash estimate issued by the office earlier this month.
Investment increased by 0.9 percent, private consumption grew by 1.2 percent, and domestic demand rose by 1.7 percent in Poland in the first three months of this year, the Central Statistical Office reported.
Poland’s gross domestic product grew 3.2 percent in the fourth quarter of last year, according to a final estimate released by the state-run statistics agency in early March.
Amid the coronavirus pandemic, the European Bank for Reconstruction and Development (EBRD) said this month it expected the Polish economy to contract by 3.5 percent in 2020, but grow by 4 percent in 2021.
Polish Deputy Prime Minister and Development Minister Jadwiga Emilewicz has said that, despite being hit by the coronavirus, Poland may avoid falling into a recession this year, and that its economy should rebound strongly next year.
According to the European Commission, Poland will cope with the fallout of the coronavirus crisis better than any other economy in the European Union.
In its spring economic forecast, the EU executive said earlier this month it expected Poland’s GDP to shrink by 4.3 percent this year, but then expand by 4.1 percent next year.
The Polish government estimated last month that the country’s GDP could shrink by 3.4 percent this year amid the coronavirus pandemic.