The Polish economy grew by 2.0 percent year on year in the first quarter of 2020, down from a 3.2 percent growth in the fourth quarter, the Central Statistical Office (GUS) said on Friday. In its earlier flash estimate, GUS put the Q1 growth rate figure at 1.9 pct.
Ratings agency Moody's has downgraded Poland's economic growth forecast to minus 3.8 percent from an earlier forecasted negative of -2.0 percent growth in 2020.
Polish President Andrzej Duda believes that Europe should be given a new stimulus for economic development, and that the approaching crisis, resulting from the coronavirus epidemic, can be compared to some of the world's most severe crises.
Poland's Ministry of Finance does not rule out a downward correction to its current GDP growth forecast of minus 3.4 percent, the deputy director of the ministry's macroeconomic policy department, Joanna Beza-Bojanowska, told a Wednesday press conference.
Pointing to Poland’s impressive GDP figures and the government’s handling of the coronavirus, PM Morawiecki said at a press meeting on Friday: "Together we'll come out of this crisis victorious.”
Poland is among only four EU member states that posted growth in the first quarter of 2020, the Development Ministry said in a Friday comment to preliminary data published by the EU's statistical agency Eurostat.
The value of Poland's pharmaceutical market grew by 30.0 pct y/y and by 23.3 pct m/m to PLN 4.13 bln (EUR 914,051 mln) in March, 2020, according to a report by pharmaceutical researcher PEX PharmaSequence.
Poland's economic growth in the first quarter of 2020 was still positive but "visibly lower" than the 3.2 percent annual growth rate posted in the previous quarter, Deputy Finance Minister Leszek Skiba wrote in an answer to an MP query.
Despite 2020 seeing a slump to 0.4 percent, the World Bank says it foresees a better 2021, where they believe the growth rate will reach about 2 percent.
In the positive scenario that the ongoing coronavirus crisis is over by the end of May, Polish GDP growth in 2020 might reach 0-0.5 percent, Finance Minister Tadeusz Kościński told public radio on Thursday.