The Polish economy is booming

The GDP dynamics in the second quarter of this year, which amounted to 10.9 per cent year-to-year, was the highest in history. The economy has recovered from the pandemic and entered a path of rapid growth – said the analysts at PKO BP in a commentary on Friday.

Gross Domestic Product in the second quarter of 2021 rose 10.9 percent compared with the second quarter of the previous year, versus a year-on-year decline of 0.9 percent in the first quarter – informed the Central Statistical Office (GUS) in an estimate released on Friday.

Taking into account data from the economy for the second quarter of this year, we estimate that private consumption growth in the second quarter was 14.8 per cent year-on-year

— the comment reads.

According to analysts, the observed GDP growth reflects the effects of a low base effect from a year ago (spring reduction of activity in the economy due to the pandemic) and a strong recovery made possible by, among others, effective shielding measures taken during the pandemic by the fiscal policy with the support of the National Bank of Poland (the government’s anti-crisis shields).

According to our estimates, the GDP growth in 2021 will amount to 5.4%.

— indicate the analysts.

Tłum. K.J.

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