Despite restrictions, Polish manufacturing doing well in Q4, 2020
Polish manufacturing sector was not affected by lockdown restrictions thanks to its involvement in international production, the finance minister has said.
"In the Q4 2020, Polish manufacturing industry was doing quite well mainly because it is a part of international manufacturing chains," Tadeusz Koscinski said in a comment sent to PAP. "This had a positive impact on our export results, too."
According to the Central Statistical Office, Poland's GDP dropped by 2.8 percent year on year in the last three months of 2020 after a 1.5-percent decline in the previous quarter.
"The performance of the whole economy in the Q4 2020 indicates a decrease in economic activity (quarter on quarter), after a strong rebound in the Q3," Koscinski commented.
"However, these data are still much better than the forecasts presented weeks ago, and significantly better than the Q2 2020 results, despite the spread of the epidemic and tougher restrictions," he added.
Last year, Poland experienced its first economic decline since the early 1990s, but the drop was still one of the mildest in the EU, Koscinski said.
He added that this was the result of government aid and a favourable structure of the Polish economy.