Economic condition in Q1 was relatively weak - MinFin

"One could be quite optimistic about the development of the Polish economy," Kościński said and added that last year's recession was much smaller than forecasted, and Poland’s GDP had shrunk only by 2.7 percent. Rafał Guz/PAP

The Polish finance minister has admitted that, due to the coronavirus-related restrictions, the GDP growth in the Q1 2021 was relatively weak.

“I think that the first quarter will be relatively weak… but we can expect that in the second, third and fourth quarters, Poland's economy will develop fast in every area,” Minister Tadeusz Kościński said on the sidelines of a Congress 590 debate.

"One could be quite optimistic about the development of the Polish economy," Kościński said and added that last year's recession was much smaller than forecasted, and Poland’s GDP had shrunk only by 2.7 percent.

Referring to the recent increase of prices of consumer goods and services, the minister said it had mainly resulted from external factors, including a growth of crude oil prices by 40 percent over the last year.

According to Kościński, at the end of the year, inflation should stand at around 3.1 percent. "Next year, it will be going down ... And around 2022, it will fall to 2.5 percent and will reach the central bank's target," he said.

A flash estimate published by the Central Statistical Office (GUS) shows that prices of consumer goods and services (Consumer Price Index, CPI) increased by 4.3 percent year on year and by 0.7 percent month on month in April 2021.