Polish GDP down 2.8% in 2020: stats office

The Polish economy contracted by 2.8 percent in 2020, the country’s Central Statistical Office (GUS) said in an estimate on Friday.

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The drop in the gross domestic product (GDP) was 0.2 percentage points bigger than expected by analysts, Poland's PAP news agency reported.

Domestic demand decreased by 3.7 percent, while investment shrank by 8.4 percent in Poland last year, according to the Central Statistical Office.

According to the preliminary estimate, the decrease of gross domestic product (#GDP) in 2020 was 2.8% compared with 2019, against the increase of 4.5% in 2019 (constant average prices of the previous year).https://t.co/zwoiT4nrdx#StatisticsPoland #statistics #NationalAccounts pic.twitter.com/n6Ob6Zjg1x

— Statistics Poland (@StatPoland) January 29, 2021

The state-run statistics agency has previously reported that the Polish economy contracted 1.5 percent in the third quarter of last year, after shrinking 8.4 percent in the second quarter amid the coronavirus crisis.

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.

Polish President Andrzej Duda on Thursday signed into law the country’s budget for 2021, which expects the economy to rebound and grow 4 percent as it emerges from the coronavirus shock.

(gs/pk)

Source: PAP