Decline in GDP may be less than 3.5% in 2020: PM

The decline in GDP this year may be less than 3.5 percent, which will also give a better bounce point for economic activity next year, Prime Minister Mateusz Morawiecki informed.

"According to the European Commission and OECD, Poland will have one of the shallowest recessions among EU countries. The European Commission estimates the recession in Poland at 4.6 percent. Today I can say that the PMI data, retail sales, industrial production and all the micro and macroeconomic parameters show that the decline in GDP this year may be even less than 3.5 percent," Morawiecki said.

"This is a good factor, as both the nominal GDP will fluctuate to a minimal extent and it will be a good starting point for 2021 - according to the data and macroeconomic information that we also receive, next year has a chance to end better than the EC, and we ourselves estimated," the PM added.

The Council of Ministers adopted the final draft of next year's budget law with GDP growth of 4 percent in 2021. The amendment to this year's budget act, adopted in August, assumed a 4.6 percent decline in GDP this year.

(ISBnews)