By: The Quinnipiac University Economics Research Team, Michael Szwaja
Poland's recent Central Statistical Office (GUS) report indicated the country’s industrial production rose 1.5 percent in August compared with the same month the year prior. According to Poland's PAP news agency, analysts initially predicted an increase of 1.8 percent due to the economy’s emergence from the COVID-19 disruption. Either way, that growth is in stark contrast to the 5.8 percent decline in industrial production from July to August of this year.
This increase in industrial productivity year-over-year, though slightly short of expectations, contributes to the cautious hopes of a sustained economic recovery from the coronavirus crisis. According to the country's Central Statistical Office, Poland’s economy contracted 8.2% in the second quarter. However, Poland's labor minister claimed that "some 6 million jobs have been saved," thanks in part to the government's multibillion relief and stimulus package that went into effect back in March. It will be interesting to see how Poland’s recovery progresses. As the end of the third quarter approaches, an influx of new data should be expected.
Image is based from: PAP/Tytus Żmijewski