Money Buzz! Europa

Tag: Poland gdp

  • Poland’s economy recovered in the third quarter of 2020

    Poland’s economy recovered in the third quarter of 2020

    Poland’s economy has recovered in the third quarter of 2020, according to data released on Friday by the Statistics Office.

    Poland, the largest economy in Central and Eastern Europe, grew by 7.7% in the third quarter of 2020 compared to the previous three months.

    This is slightly below the estimates of analysts interviewed by Reuters, who expected an advance of 8%.

    Also, GDP decreased by 1.6% in the third quarter from the same period in 2019, while analysts forecast a decline of 1.7%.

    Last week, Prime Minister Mateusz Morawiecki announced new support measures to help Poland’s economy survive the second wave of the pandemic, worth 9-10 billion zlotys (2.4-2.6 billion dollars).

    The amount could increase by 5-10 billion zlotys if total restrictions are introduced, the Polish official explained, adding that the Government’s funding needs are already met.

    During the first wave of the pandemic, Poland introduced a support package of more than 300 billion zlotys to help the affected economy and companies.

  • Poland gross domestic product decreased by 8.2% in the second quarter

    Poland gross domestic product decreased by 8.2% in the second quarter

    Gross domestic product (GDP) in the second quarter of 2020 was lower by 8.2% year-on-year comparison against the growth of 4.6 % in the correspording quarter of 2019.

    In the 2nd quarter of 2020 seasonally adjusted gross domestic product (GDP) (constant  prices, reference year 2010) was lower by 8.9% than in the previous quarter and 7.9% lower than in the 2nd quarter of the previous  year.

    The presented preliminary estimate of GDP for the 2nd quarter of 2020 includes effects of COVID-19 and the introduction of government measures to prevent the consequences of the epidemic.

  • Poland GDP down by 8.9% in the second quarter

    Poland GDP down by 8.9% in the second quarter

    In the second quarter of 2020 seasonally adjusted GDP (constant prices, reference year 2010) was lower by 8.9% than in the previous quarter and 7.9% lower than in the second  quarter of the previous year.

    Seasonally unadjusted GDP (constant average prices of the previous year) was lower by 8.2% than in the corresponding quarter of the previous year.

    The presented GDP flash estimate for the second quarter of 2020 includes effects of COVID-19 and the introduction of government measures to prevent the consequences of the pandemic.

    Statistics Poland show that „data is preliminary and can be subject to revision, in accordance with the revision policy of quarterly national accounts, in the first “regular” estimate of GDP for the second quarter of 2020 which will be released on August 31, 2020”.

  • World Bank sees the deepest recession since the Second World War

    World Bank sees the deepest recession since the Second World War

    According to World Bank forecasts, the global economy will shrink by 5.2% this year. 

    That would represent the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870, the World Bank says in its June 2020 Global Economic Prospects.

    Economic activity among advanced economies is anticipated to shrink 7% in 2020 as domestic demand and supply, trade, and finance have been severely disrupted.

    Emerging market and developing economies (EMDEs) are expected to shrink by 2.5% this year, their first contraction as a group in at least sixty years.

    Per capita incomes are expected to decline by 3.6%, which will tip millions of people into extreme poverty this year.

    In CEE, Serbia has the slowest GDP decline this year and Croatia the biggest growth in 2021

    For the Bulgarian economy, the forecast is a decline of 6.2% for 2020 and a recovery next year to a growth of 4.3%. 

    Croatia will suffer a GDP decline of -9.3% in 2020 and a recovery of 5.4% in 2021.

    Hungarian economy will have a decline of -5.0% this year and a rise of 4.5% next year.

    Poland is in a better situation with an economic decline of -4.2% in 2020, but a slower recovery, of just 2.8% in 2021.

    For Romania, GDP will decrease by -5.7% this year and a rise of 5.4% in 2021.

    Serbian GDP will decline by -2.5% in 2020 and a recovery of 4.0% in 2021.