Polish 2020 GDP growth rate revised up

The Polish economy shrank 2.5 percent in 2020, less than initially estimated, the country’s Central Statistical Office (GUS) said on Monday, revising upward its previous figure for the year.

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The state-run statistics agency in April reported that the Polish economy contracted 2.7 percent in 2020 amid the coronavirus pandemic.

According to the revised estimate, gross domestic product (#GDP) in 2020 decreased by 2.5% as compared to 2019. The result has increased compared to the previously published on 22th April 2021 by 0.2 percentage points.https://t.co/uU3UK9G4yM#StatisticsPoland #statistics pic.twitter.com/qpwWQzVNYA

— Statistics Poland (@StatPoland) October 4, 2021

The latest figure for 2020 is 0.3 percentage points higher than an initial estimate of 2.8 percent released by the office in January.

Poland’s government last week approved the country's budget for next year, which expects the economy to grow 4.6 percent in 2022, after an expected 4.9 percent growth rate this year.

Finance Minister Tadeusz Kościński told reporters at the time that the Polish economy was regaining momentum after a recession last year due to the coronavirus pandemic.

The Polish economy grew 11.1 percent in the second quarter of this year, the Central Statistical Office reported at the end of August in a preliminary estimate.

International ratings agency S&P Global in late September upgraded its forecast for Poland's GDP growth this year to 5.1 percent, from a previous projection of 4.5 percent.

(gs)

Source: PAP