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I UNDERSTAND
English Section

Polish GDP down 2.8% in 2020: stats office

29.01.2021 10:05
The Polish economy contracted by 2.8 percent in 2020, the country’s Central Statistical Office (GUS) said in an estimate on Friday.
Pixabay License
Pixabay LicenseImage by Gerd Altmann from Pixabay

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.

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