Poland GDP contracts 2.8% in 2020
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.
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