Polish economy to expand by 5 pct in Q3 - official

"We are coming out of the economic hibernation in the second quarter," Borys said. Tomasz Gzell/PAP

Poland's GDP will grow by 5 pct in the third quarter of the year, Paweł Borys, head of the state-run Polish Development Fund (PFR) told a press conference on Tuesday.

"We are coming out of the economic hibernation in the second quarter. The recession, which from the economic perspective means two quarters of GDP decline quarter on quarter, has ended, and as of Q3 we are seeing an economic rebound (...) and an increase in GDP by around 5 percent quarter on quarter," Borys said.

According to PFR estimates, revenues of Polish companies are on average at around an 85-90 percent level of those prior to the pandemic, he added.