Tuesday, October 6, 2020

Unemployment in Poland among lowest in Europe

 The estimated unemployment rate in September was 6.1 percent, which means that it has remained at the same level for four months. 

In June, Poland recorded one of the lowest unemployment rate in Europe, amounting to 3%. Czechia had the best rate at 2.6 percent. The unemployment rate in the Euro zone was 7.8%.

On August 14, the Central Statistical Office published a quick estimate of the GDP decline in the second quarter of 2020, which was 8.2% y-o-y, but analysts forecasted a decline in GDP to 8.6%. 

In the European Union, the largest decrease was recorded in Spain. It was 22.1 percent year-on-year and this was a much worse result than the pessimistic forecasts of economists. Analysts expected a drop of 19.7 percent on average. That means, six years of growth were wasted in one quarter and Spain went back in economic development to 2014.

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