Pandemic ends 30-year growth streak for Polish economy
Preliminary figures show that Poland’s economy shrank 2.8% during 2020 due to the pandemic, ending three decades of constant growth
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Poland's economy shrank 2.8% during 2020 due to the pandemic ending three decades of constant growth according to preliminary figures released by the national statistical office.
The report released Friday by Statistics Poland showed that the usual driving forces of the economy faltered. Private sector spending shrank by 3% and investment contracted by 8.4%.
It was the first contraction in Poland's GDP since a 7% drop in 1991, when the economy was going through a painful transformation from being centrally-run to a market-driven system.
The contraction in 2020 comes after growth of 4.5% in 2019. Economists are expecting an economic rebound in the second quarter this year.
Prime Minister Mateusz Morawiecki said the data was nevertheless better than expected, considering how much smaller business activity and consumer spending were constrained by repeated anti-COVID-19 lockdowns. The government had offered financial support and exemptions from dues to hardest-hit businesses.
“We are going through the recession easier that had been predicted.” Morawiecki said.