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Financial News: Poland GDP Rebounds In Q3

Poland GDP Rebounds In Q3

11/30/2020 - 04:31:00 (RTTNews)

(RTTNews) - Poland's economy rebounded in the third quarter after the relaxation of Covid-19 containment measures, final data published by the statistical office revealed Monday.

Gross domestic product advanced 7.9 percent sequentially, partially offsetting the 9 percent decline posted in the second quarter. The statistical office raised the third quarter growth estimate from 7.7 percent.

Year-on-year, GDP contracted by revised 1.5 percent versus an 8.4 percent decline in the previous quarter. According to initial estimate released on November 13, GDP was down 1.6 percent.

The annual fall was driven by a 3.2 percent decline in domestic uses.

It resulted mainly from a decrease in gross capital formation of 20.2 percent and an increase of final consumption expenditure of 1.0 percent. Consumption expenditure in the households sector gained 0.4 percent.

Changes in inventories had also a negative contribution and amounted to -2.3 percentage points. A positive impact of the net exports to the economic growth was noted, which amounted to +1.7 percentage points in the third quarter.

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