Statistics Poland reported that GDP of Poland in the third quarter of 2020 decreased by 1.5 percent y/y, compared to a drop by 8.4 percent recorded in the second quarter of this year.
The GDP drop recorded in Q3 is lower than the earlier flash estimates forecasted, according to them it was to drop by 1.6 percent over this period.
The domestic demand decreased by 3.2 percent y/y, more than it was expected, but again it was a smaller decrease in Q2, when it fell by 9.9 percent y/y.
The investments in Poland went down by 9 percent y/y in Q3. This was less than expected, as the drop was estimated at around 12 percent. In Q2, this decrease was at 10.7 percent y/y.
The quarterly increase of GDP in the third quarter of the year was 7.7 percent, but the second wave of the COVID-19 pandemic is expected to cause a slowdown in the final part of the year. Read an analysis by PolandIN’s business correspondent David Kennedy.