Polish GDP to shrink 4.6% in 2020, with smallest contraction in EU: forecast

The European Commission has forecast that the Polish economy will shrink by 4.6 percent this year amid the coronavirus crisis, the smallest contraction in the EU.

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In a May forecast, the EU’s executive predicted that Polish GDP would fall 4.3 percent in 2020.

Meanwhile, the GDP of the eurozone as a whole will fall 8.7 percent this year, according to the Commission.

In a report released on Tuesday, the Commission said it expected a rebound next year, with Poland’s gross domestic product to increase by 4.3 percent in 2021.

The EU’s statistics agency reported last week that unemployment in Poland was a modest 3 percent in May, the second-lowest rate in the 27-nation bloc.

The Polish labour ministry, which uses a different methodology, estimated on Monday that unemployment in Poland stood at 6.1 percent at the end of June, 0.1 percentage point up on May.

(pk)

Source: PAP