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Polish economy grew 5.7% in 2021: stats office

31.01.2022 16:30
Poland’s economy expanded by 5.7 percent last year, the country’s Central Statistical Office (GUS) said on Monday in a preliminary estimate. 
Polands economy expanded by 5.7 percent last year, the countrys Central Statistical Office (GUS) said on Monday in a preliminary estimate.
Poland’s economy expanded by 5.7 percent last year, the country’s Central Statistical Office (GUS) said on Monday in a preliminary estimate. Photo: Pixabay

It follows a 2.5 percent decline in 2020, when the coronavirus pandemic struck, public broadcaster Polish Radio’s IAR news agency reported.

“Domestic demand was the main factor behind the growth of the Polish economy in 2021,” GUS’s chairman Dominik Rozkrut told reporters. 

Domestic demand rose by 8.2 percent compared to 2020, when it contracted by 3.4 percent, GUS announced, according to the state PAP news agency. 

Consumption grew by 4.8 percent, including a 6.2 hike in household consumption, after a fall in 2020, the stats office said.

Meanwhile, gross fixed-asset capital formation also rose in 2021, by 8 percent, having slumped in the previous year, GUS said. 

Investments grew by 16.6 percent in 2021, which is the lowest expansion rate since the 1990’s, the same as last year, IAR reported.

Among other figures, retail sales rose by 5.8 percent overall in 2021, with the companies which employ at least 10 people recording an 8.1 percent increase, GUS also said.   

(pm)

Source: PAP, IAR