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Poland’s economy is surprising. The scale of the recession is smaller than expected - prof. Robert Tomanek comments on the CSO data on GDP in 2020.

29.01.2021

According to the CSO data, Polish gross domestic product in the entire 2020 decreased by 2.8% compared to 2019. Although this is the first annual decrease in Polish GDP since the beginning of the democratic transition, its scale is smaller than originally expected at the beginning of the pandemic (around 4%). This result is in line with market expectations.

Poland’s economy is surprising.

In the Ministry of Economic Development, Labour and Technology, we estimate that in the fourth quarter of last year, the GDP fell by around 3% compared to the same period of 2019. Despite the restrictions imposed in stationary trade, retail sales falls were much less severe than in the spring, when the pandemic hit. The fourth quarter also brought surprisingly good industrial performance, and the scale of the decline in construction was limited.
This translated into whole-year results that exceeded the expectations - concludes Deputy Minister of Economic Development, Labour and Technology, prof. Robert Tomanek

Forecast of the Ministry of Economic Development, Labour and Technology

We estimate that GDP growth should be close to 4% this year. We look forward to increasing consumption and exports. On what concerns the recovery of business investment, it should be observed in the second half of the year.

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