Poland's GDP drops by 8.2 pct y/y in Q2 - stats office

Poland's GDP drops by 8.2 pct y/y in Q2 - stats office Rafał Guz/PAP

Poland's gross domestic product (GDP) fell by 8.2 percent year on year in the second quarter of 2020, the Central Statistical Office (GUS) reported in Monday, in line with an earlier flash estimate.

In the first quarter of 2020, the country's economy grew by 2.0 percent year on year, GUS also said.

Total consumption fell by 7.3 percent in April-June, which compares to a 1.8-percent growth in the first three months of the year. Gross fixed capital formation fell by 18.7 percent in the second quarter versus a 0.7-percent growth in the first quarter.

Exports slumped by 14.3 percent in April-June after a 0.6-percent growth in January-March. Imports fell by 17.5 percent versus a 0.2-percent decline in the respective quarters.

Domestic demand dropped by 9.5 percent in the second quarter after a 1.7-percent increase in the first quarter.