Poland's economy likely to grow by 7-8 pct q/q in Q3 - official

Borys noted that economists are now raising their forecasts for the whole year of 2020 and that thanks to a stronger rebound in Q3, "we have a chance for (...) the [2020] GDP decline to amount merely to some 2-3 percent." Sebastian Borowski /PAP

Polish GDP may increase by as much as 7-8 percent quarter on quarter in the third quarter of 2020, while declining to 2-3 percent throughout the whole of 2020, Head of the Polish Development Fund (PFR) Paweł Borys told public broadcaster TVP Info on Tuesday.

"We have a very dynamic rebound in economic activity in Poland (...) the latest data coming from the economy as regards sales and industrial production, which have approached pre-Covid levels, indicate that (...) GDP growth in Q3 is likely to hit not 4-5 percent (q/q - PAP) as seemed initially, but even 7-8 percent (q/q - PAP)," he said.

Borys noted that economists are now raising their forecasts for the whole year of 2020 and that thanks to a stronger rebound in Q3, "we have a chance for (...) the [2020] GDP decline to amount merely to some 2-3 percent."

"As of 2021 we will re-embark on the path of growth and we also have a chance for our level or revenues, and GDP, to return to the levels from before the Covid (pandemic). (...) probably already in Q3, Q4 next year," he added.

In mid-August, Borys said Polish GDP could increase by some 4-5 percent q/q in the third quarter of this year.