Poland's economy likely to grow by 4-5 pct q/q in Q3 - official

Mateusz Marek/PAP

President of the Polish Development Fund (PFR) Pawel Borys on Friday expressed his conviction that Poland's economy was likely to increase by 4-5 percent quarter on quarter in the third quarter of 2020.

"The recent macroeconomic data from Poland: the third lowest GDP drop in Europe (down by 8.2 percent), a record high trade surplus and a stable PLN exchange rate, the second lowest unemployment rate in the EU, the rise in sales and production testifying to a 4-5 percent GDP growth, in quarterly terms, in Q3, and a stable financial situation of companies," Borys wrote on Twitter.

In a flash estimate on Friday, the Central Statistical Office (GUS) reported that Poland's economy shrank by 8.2 percent year on year in the second quarter of 2020. In the first quarter, it grew by 2.0 percent year on year. GUS will present full second quarter GDP growth data on August 31.