The Gross Domestic Product (GDP) in the second quarter of 2021 in Poland increased by 10.9 percent year on year, according to the preliminary estimate of the Central Statistical Office. Since the Central Statistical Office (GUS) started publishing this type of data in 1995, our economy has not made such a big jump.
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As the economists of Santander Bank Polska pointed out, this is the most since the Central Statistical Office began publishing this type of data in 1995. The average of economists’ forecasts collected by PAP Biznes indicated that GDP grew by 11.0 percent. yyyyy At the beginning of July, economists’ forecasts were down by 0.5 points. percent lower.
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Quarter-to-quarter GDP in the second quarter of 2021 increased by 1.9%.
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Complete data on GDP in Q2 will be released by the CSO on August 31.
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GDP in Poland – Q2 2021PAP
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Record-breaking GDP growth in Poland in the second quarter of 2021 – comments
“The Polish economy has recovered from pandemic losses!” – wrote on Twitter economists from PKO BP. They added that the GDP in the second quarter of 2021 “grew the strongest in history”.
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“We are on the path of rapid growth” – they noted.
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ING Bank Śląski analysts also stressed that “Poland’s GDP is above the pre-pandemic level”. “We bounced back faster than our trading partners. In our opinion, both consumption and investment were strong,” they explained in social media.
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“GDP growth in the second quarter: 10.9% y / y (+1.9% q / q). This was enough to raise the GDP stream above the level recorded before the pandemic,” mBank economists wrote. In their opinion, “with such a large amplitude of fluctuations, the reading at the end of the month may differ”.
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Forecasts for Poland’s GDP
In the second half of July, the International Monetary Fund (IMF) changed forecasts for the Polish economy. The organization expects that this year’s gross domestic product of our country will increase by 4.6 percent, and next – by 5.2 percent.
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At the beginning of July, the European Commission increased the forecast of Poland’s GDP growth in 2021 from 4%. up to 4.8 percent At the same time, the EC lowered the forecast for Poland’s economic growth in 2022 from 5.4 percent. up to 5.2 percent
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Meanwhile, the July projection of GDP growth published by the National Bank of Poland shows that this year the Polish economy will grow by 5%, in 2022 by 5.4%. and 5.3 percent in 2023. In the March projection, the central path predicted that GDP in 2021 would grow by 4.1%, and in 2022 and 2023 the economic growth would amount to 5.4%.
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photo-source">Main photo source: Grand Warszawski / Shutterstock.com
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