Poland GDP contracts 2.8% in 2020

Figures

Poland's gross domestic product shrank 2.8% in 2020, compared to a 4.5% expansion in 2019, the Central Statistical Office (GUS) said in an estimate on Friday.

It was the first annual economic contraction since 1996, as the pandemic crisis hampered domestic demand by 3.7%, while investment shrank by 8.4% last year, the Warsaw-based statistics agency said. On the production side, output decreased for industry (-0.2%), construction (-3.7%) and trade, repair of motor vehicles (-4%).

Data from November showed the economy shrank 1.5% in the third quarter of 2020, easing from a 8.4% contraction in the previous three-month period. 

Farmgate Prices Fall 25.4% in February Crops

Farmgate Prices Fall 25.4% in February

Cabinet Approves Farmer Support Measures Government

Cabinet Approves Farmer Support Measures

Szeged Muni Council Clears Road to Service BYD Plant Automotive

Szeged Muni Council Clears Road to Service BYD Plant

Chresten Bruun Wins Expat CEO of the Year Award Awards

Chresten Bruun Wins Expat CEO of the Year Award

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.