Polish economy shrinks 1.6% in Q3 2020: flash estimate

The Polish economy contracted 1.6 percent in the third quarter of this year, the country’s Central Statistical Office (GUS) said on Friday in a flash estimate.

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Economists polled by state news agency PAP had expected a drop of 1.7 percent amid the coronavirus crisis.

Poland’s gross domestic product contracted 8.2 percent in the second quarter of this year, after posting 2 percent growth in the first three months of 2020, according to an estimate released by the state-run statistics agency in late August.

The Polish economy expanded by 4.5 percent in 2019 as a whole, after registering 5.3 percent growth in 2018, according to the Central Statistical Office.

Poland’s central bank this week updated its GDP growth forecasts for the country, saying it expected the economy to contract by 3.5 percent this year, followed by 3.1 percent growth in 2021.

The International Monetary Fund forecast last month that the Polish economy would shrink 3.6 percent in 2020, but then rebound to expand by 4.6 percent in 2021.

Under budget plans approved this autumn, the Polish government expects the country’s GDP to shrink 4.6 percent this year amid the coronavirus pandemic and grow 4 percent next year.

(gs/pk)

Source: PAP

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