In its latest Inflation Report, released on Monday, the National Bank of Poland (NBP) said that “the upward revision of the GDP path in 2021 is due to a faster than assumed ... rebound of domestic economic activity" in the first quarter of this year.
"This data, along with relatively favourable economic results for April and May 2021, amid persisting difficult epidemic situation in this period, indicate a higher than assumed level of adjustment of economic agents to operating during the pandemic," the Polish central bank added.
The bank also said that its forecast for Polish 2021 GDP was "supported by the rapid progress of the vaccination programme" and an easing of pandemic restrictions.
The central bank also forecast in its latest report that Poland’s GDP would grow by 5.3 percent in 2023.
In its March projection, the bank said it expected the Polish economy to grow 4.1 percent this year and 5.4 percent in 2021.
The European Commission forecast this month that the Polish economy would expand 4.8 percent this year and grow 5.2 percent growth in 2022.
As the coronavirus crisis recedes, the European Bank for Reconstruction and Development (EBRD) said last week it expected the Polish economy to grow by 5 percent this year and then expand by 4.8 percent in 2022.
Meanwhile, international ratings agency S&P Global last month upgraded its forecast for Poland's GDP growth this year to 4.5 percent from a previous projection of 3.4 percent.
The Polish economy shrank 2.7 percent in 2020 after posting 4.7 percent growth in 2019, according to the country’s Central Statistical Office (GUS).
Source: PAP, nbp.pl