Polish economy bounces back in third quarter

WARSAW: The Polish economy rebounded in the third quarter, statistics office data showed on Friday, after shoppers returned and industry picked up, but analysts say any relief could be short-lived with a tough second wave of COVID-19 on the horizon.
Gross domestic product (GDP) rose a seasonally adjusted 7.7 per cent for the July-September period from the previous quarter, slightly below the 8.0 per cent forecast in a Reuters poll. In the previous quarter it fell 9.0 per cent.
From a year earlier, GDP fell 1.6 per cent compared with analysts’ expectations of a 1.7-per cent contraction.
“It confirms what we have seen in other data that the third quarter was very good, the economy did not return to the pre-pandemic state, but it was quite close,” said Piotr Bielski, director of the economic analysis department of Santander Bank Polska. Poland started easing coronavirus restrictions in May, and data for the third quarter showed a strong recovery in industry, while retail sales beat estimates as shoppers made purchases that had been delayed during the lockdown. — Reuters