More than insurance

Last year was a period of strong recovery for the global economy, which was triggered by the improving pandemic situation. Progress in rolling out universal vaccination programs translated into lifting more restrictions applicable to various areas of business activity, and this was of significant importance in rebuilding global supply chains and improving the financial condition of many businesses. In 2021 Poland’s GDP climbed 5.7% year on year, household consumption grew 6.2% y/y and investments moved up 7.9% y/y. Economic growth was underpinned by the strong growth in domestic demand supported by government programs and higher household spending. Households accumulated savings during these health-related restrictions. Consumption was supported by the labor market, which rapidly returned to the level seen prior to the pandemic and robust wage growth. The driver of investments was linked to the solid prospects of economic recovery and the high level of manufacturing capacity utilization.