Poland's gross domestic product shrank by 8.2 percent from a year earlier in the second quarter of 2020, the biggest pace of contraction on record, as restriction measures imposed to curb the spread of the coronavirus hit activity and demand. Household consumption tumbled 6.3 percent and fixed investment dropped 1.8 percent, while government spending grew by 0.8 percent for the second consecutive period. Net external demand contributed positively to the GDP as imports fell more than exports. On a quarterly basis, the economy shrank by a record 8.9 percent, entering a recession.
GDP Annual Growth Rate in Poland averaged 4.05 percent from 1995 until 2020, reaching an all time high of 8.10 percent in the fourth quarter of 1996 and a record low of -8.20 percent in the second quarter of 2020. This page provides - Poland GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Poland GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Central Statistical Office of Poland (GUS)
GDP Annual Growth Rate in Poland is expected to be -4.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Poland to stand at 7.90 in 12 months time. In the long-term, the Poland GDP Annual Growth Rate is projected to trend around 3.70 percent in 2021 and 2.50 percent in 2022, according to our econometric models.