If someone hoped that Poland would again be a “green island” in times of crisis, we have bad news for him. The first quarter of 2020 brought the largest decrease in gross domestic product for several years. Data regarding GDP Poland cannot enjoy anyone today.
Poland’s GDP is falling by freezing the economy
Poland’s GDP is falling strongly as a result of business bans introduced in mid-March. Already in the first quarter of 2020 real Gross domestic product Poland was by 0.5 percent smaller than a quarter earlier. This is the data of the Central Statistical Office.
– The presented rapid GDP estimate for the first quarter of 2020 takes into account the first effects of COVID-19 and the introduction of government measures to counteract the effects of the epidemic. The methods and data sources used to estimate GDP have not changed – explains the Central Statistical Office.
For now, the data are improving the numbers from Q2 and Q3 2019. Thanks to them, the annual GDP growth is above zero and amounts to 1.9 percent. Unfortunately, this is the worst result since 2013. Experts even say that we may be threatened by recession and a return to the hard times we know from the early 90s. However, there is still a long way to go …
Poland against the background of the region
How do we compare with the region? Medium. The decline in economic activity was admittedly smaller than in the case of the Czech Republic or Slovakia, but at the same time greater than in Hungary and Romania, which has become famous in recent years with liberal changes (e.g. tax cuts).
In Italy, quarterly GDP growth is now at -4.7 percent, in Spain -5.2 percent, and in France as much as -5.8 percent. In turn, the GDP dropped by 3.8% in the entire euro area. However, Sweden is doing surprisingly well, as it has not implemented the freezing strategy of the economy, which has been done by most countries of the continent. There was only -0.3 percent there. The UK economy is also doing well (-2%), i.e. countries that were also very liberal at first, approaching the restrictions associated with the coronavirus pandemic (the authorities did not want to freeze the economy at all, eventually changed their minds).
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