Top Polish bank: Polish economy coping well with second wave of coronavirus pandemic

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Poland’s GDP has bounced back in the third quarter of 2020 and there are so far no signs of the economy being hit by the second wave of the pandemic, according to Poland’s PKO BP bank.

The bank points to data from Poland’s Central Office of Statistics (GUS), which shows Poland’s GDP in the third quarter was only down 1.6 percent on the equivalent period in 2019 whereas in the second quarter the GDP had fallen by 8.4 percent.

Poland’s state PKO BP bank reports that the third quarter saw an increase of 7.7 percent quarter-on-quarter, having suffered a fall of 9 percent in the second quarter.

As a result, the recession was contained to 1.6 percent year-on-year. This means that Poland along with Lithuania and Slovakia recorded the best results in the EU.

The bank estimates that private consumption has risen by 2.2 percent per annum and that investment will continue to fall but also that exports will account for an increasing share of the GDP, having rebounded strongly in the third quarter.