Poland's GDP drops 2.8 pct y/y in Q4 - stats office

Poland's Gross Domestic Product (GDP) fell by 2.8 percent year on year in the fourth quarter of 2020, the Central Statistical Office (GUS) said in a flash estimate on Friday.

In the third quarter of 2020, the country's GDP slumped by 1.5 percent year on year due to the lockdown caused by the coronavirus pandemic.

An earlier flash estimate by GUS expected fourth quarter GDP to decline by 2.8 percent year on year.

Total consumption fell by 1.4 percent in October-December, which compares to 1.0-percent growth in the first third quarter of the year. Gross fixed capital formation fell by 10.9 percent in the fourth quarter versus a 9.0-percent decline in the third quarter.

Exports rose by 8.0 percent in October-December after 0.6-percent growth in July-September. Imports increased by 7.9 percent versus a 1.0-percent decline in the respective quarters.