A contraction in the Polish economy in 2020 was slightly smaller than expected, and the country’s GDP increase in 2021 was much stronger than previously estimated, Statistics Poland (GUS) revealed as it announced corrections to Poland’s economic performance for the years 2018-2021.
According to new data, the real GDP last year was 6.8 percent higher on a year-over-year basis, 0.9 percent more than previously reported. For this index, it is a significant correction.
Slightly smaller changes were applied to previous years. The drop in GDP in 2020 was changed from 2.2 percent to 2 percent, while the increase in 2019 was adjusted from 4.7 to 4.5 percent, and 2018’s GDP increase was changed from 5.4 to 5.9 percent.
“Presented data regarding the GDP and its elements were revised from the previous figures published on April 22, 2022, due to the inclusion of more detailed yearly information on the results for all of 2021 regarding: finances of companies, external trade in goods and services, and accounts of government institutions and local governments, which were prepared for the October fiscal notification of the sector,” GUS informed.
GDP estimates for the third quarter of 2022 will be revealed on Nov. 15. Economists expect a 0.5 percent increase compared to last quarter, following the second quarter’s 2.1 percent drop on a quarter-over-quarter basis.
Quarterly growth would push back the possibility of Poland entering technical recession until at least the beginning of 2023.