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English Section

Polish economy grows 1.9% in Q1 2020: flash estimate

15.05.2020 10:20
The Polish economy grew 1.9 percent in the first quarter of this year, the country’s Central Statistical Office (GUS) said on Friday in a flash estimate.
Pixabay License
Pixabay LicenseImage by Gerd Altmann from Pixabay

Economists polled by state news agency PAP had expected a reading of 1.4 percent.

Poland's gross domestic product grew 3.2 percent in the fourth quarter of last year, according to a final estimate released by the state-run statistics agency in early March.

The Polish economy expanded by 4 percent in 2019 as a whole, after posting 5.1 percent growth in 2018, according to the Central Statistical Office.

Amid the coronavirus pandemic, the European Bank for Reconstruction and Development (EBRD) said this week it expected the Polish economy to contract by 3.5 percent this year, but grow by 4 percent in 2021.

Polish Deputy Prime Minister and Development Minister Jadwiga Emilewicz said at the end of last week that, despite being hit by the coronavirus, Poland may avoid falling into a recession this year, and that its economy should rebound strongly next year.

According to the European Commission, Poland will cope with the fallout of the coronavirus crisis better than any other economy in the European Union.

In its spring economic forecast, the EU executive said earlier this month it expected Poland's GDP to shrink by 4.3 percent this year, but then expand by 4.1 percent next year.

The Polish government estimated last month that the country’s GDP could shrink by 3.4 percent this year amid the coronavirus pandemic.

The Polish statistics office is expected to report full first-quarter data on May 29.

(gs/pk)

Source: PAP