Despite a weaker than expected preliminary estimate of Poland’s GDP in the first quarter of 2021, Goldman Sachs (GS) analysts remain optimistic about the rebound of the Polish economy this year,” the bank said.

First quarter GDP figures show Polish economy’s resilience: Finance Minister

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On Friday, the Statistics Poland (GUS) published a flash estimate of GDP growth in the first quarter of 2021. The data show that the non-seasonally adjusted GDP (constant average prices of the previous year) decreased by 1.2 pct in real terms year to year.

GS analysts point out that this result was achieved despite the high number of COVID-19 cases and restrictions that applied at the beginning of the year.

“In view of the data presented by the GUS, according to GS economists, high-frequency indicators show that an economic rebound is likely in this quarter,” the bank’s press release stated.

“At the same time, GS maintains its positive view on the economic growth in Poland this year. According to experts, GDP will grow by 5.1 pct this year (against consensus at 4 pct and an NBP forecast of 4.1 pct),” the GS release added.