Of all sectors, the Polish automotive industry has taken the most severe blow in the coronavirus pandemic, with passenger car production down 99% on an annual basis, the Central Statistical Office has announced. For most of April, passenger car production was on hold after the suspension of factories at Fiat Chrysler, Opel (Peugeot-Citroen) and Volkswagen, all of which suspended production in the second half of March. In March, only 20,100 cars were produced, 52% less than a year earlier. The European Bank for Reconstruction and Development (EBRD) said the key was “Poland’s high level of integration into global value chains and large exposure to trade, especially within the EU.” A report by the bank said the Polish economy would fall by 3.5% in 2020 and grow 4.0% in 2021. It noted that Poland had been resilient during the global financial crisis of 2008-09, but “would not escape unscathed this time.” Automotove sector is crucial The automobile industry in Poland makes up a large part of the economy, accounting for about 11% of industrial production and about 4% of the nation’s gross domestic product. The sector employs about 130,000 people and produces 800,000-900,000 light vehicles a year. Toyota is one of the major… Read full this story
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