Poland's Leading Economic Indicator up 9 points in July: BIEC

There are many indications that the economy has recovered from the first pandemic shock, but has only made up half of the loss compared to December last year, according to the Bureau for Investments and Economic Cycles (BIEC).

The Leading Economic Indicator (WWK), which forecasts future economic activity in Poland, went up by 9 points month-on-month to 152.8 points in July 2020, BIEC reported.

"Many signs indicate that the economy has shaken off the first pandemic shock, though in relation to December last year, it has made up only half the losses," BIEC wrote in a statement.

BIEC further stated it can be expected that in the coming months the improvement of basic macroeconomic indicators will no longer be so spectacular and entry onto the pathway of development similar to that prior to the pandemic may occur only after its conclusion. "Even if a further administrative closure of the economy does not occur, demand will not return to the pre-COVID level and companies will not work at full steam."