Despite dire predictions, the Polish economy got a measure of good news as figures from Poland’s Office of Statistics (GUS) showed that industrial product was 0.5 percent higher in June this year than in June 2019.
This is a surprisingly good result as the Ministry of Development had forecast production to be 5 percent lower than last year’s figures for June and analysts had expected the fall to be in the region of 7 percent.
The rise in production compared with May of this year was 13.9 percent (9.7 percent allowing for seasonal factors). The rise is explained by the fact that in April and May, much of the production in factories was stopped as a result of the lockdown following the Covid-19 outbreak.
The figures from those months were disastrous, showing that production fell by 24.6 percent in April and 17 percent in May.
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Poland’s foreign debt is in decline
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