The Gross Domestic Product (GDP) in the second quarter of 2021 increased by 10.9 percent y/y in Poland, according to the preliminary estimate of the Central Statistical Office (GUS). Since the GUS started publishing this type of data in 1995, our economy has not made such a big jump.
The average of economists' forecasts collected by PAP Biznes indicated that GDP grew by 11.0 percent y/y. At the beginning of July, economists' forecasts were down 0.5 percentage points lower. Quarter-to-quarter GDP in the second quarter of 2021 increased by 1.9 percent.
"Polish economy recovered pandemic losses!" the economists from PKO BP wrote on Twitter.
Also, analysts of ING Bank Śląski emphasized that "Poland's GDP is above the level from before the pandemic".
"We bounced back faster than our trading partners. In our opinion, both consumption and investment were strong," they explained in social media.
In the second half of July, the International Monetary Fund (IMF) changed the forecasts for the Polish economy. The organization expects that this year's gross domestic product of our country will increase by 4.6 percent, and next – by 5.2 percent.
At the beginning of July, the European Commission increased the forecast of Poland's GDP growth in 2021 from 4 percent up to 4.8 percent. At the same time, the EC lowered the forecast for Poland's economic growth in 2022 from 5.4 percent to 5.2 percent
Meanwhile, the July projection of GDP growth published by the National Bank of Poland shows that this year the Polish economy will grow by 5 percent in 2022 by 5.4 percent, and 5.3 percent in 2023.