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Poland Economy Profile 2017

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Economy - overviewPoland has the sixth-largest economy in the EU and has long had a reputation as a business-friendly country with largely sound macroeconomic policies. Since 1990, Poland has pursued a policy of economic liberalization. During the 2008-09 economic slowdown Poland was the only EU country to avoid a recession, in part because of the government’s loose fiscal policy combined with a commitment to rein in spending in the medium-term. However, since 2015 Warsaw’s prioritization of spending on social welfare programs has prompted investors to decrease Poland’s economic growth projections for the next few years.

The Polish economy performed well during 2014-16, with the real GDP growth rate exceeding 3%, in part because of the government’s fiscal prudence. Poland’s economic growth in 2017 is projected by some credit rating agencies to slow, however, because of Poland’s government’s increase in social spending since 2015, including the provision of cash transfers for low income families, families with more than one child, and the reduction of the retirement age which will take effect in October 2017. The government has tried to introduce new taxes and boost tax compliance to offset the costs of the social spending programs and relieve upward pressure on the budget deficit. Some credit ratings agencies estimate that Poland will exceed the EU’s 3%-of-GDP limit on budget deficits, possibly impacting its access to future EU funds.

Poland faces several systemic challenges, which include addressing some of the remaining deficiencies in its road and rail infrastructure, business environment, rigid labor code, commercial court system, government red tape, and burdensome tax system, especially for entrepreneurs. Additional long-term challenges include diversifying Poland’s energy mix, strengthening investments in innovation, research, and development, as well as stemming the outflow of educated young Poles to other EU member states, especially in light of a coming demographic contraction due to emigration, persistently low fertility rates, and the aging of the Solidarity-era baby boom generation.
GDP (purchasing power parity)$1.052 trillion (2016 est.)
$1.02 trillion (2015 est.)
$984.4 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$467.4 billion (2016 est.)
GDP - real growth rate3.1% (2016 est.)
3.7% (2015 est.)
3.3% (2014 est.)
GDP - per capita (PPP)$27,700 (2016 est.)
$26,800 (2015 est.)
$25,900 (2014 est.)
note: data are in 2016 dollars
Gross national saving20.3% of GDP (2016 est.)
20.3% of GDP (2015 est.)
18.3% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 57.4%
government consumption: 17.8%
investment in fixed capital: 19.8%
investment in inventories: 0.8%
exports of goods and services: 50.5%
imports of goods and services: -46.3% (2016 est.)
GDP - composition by sectoragriculture: 2.7%
industry: 38.5%
services: 58.9% (2016 est.)
Population below poverty line17.6% (2015 est.)
Labor force17.78 million (2016 est.)
Labor force - by occupationagriculture: 11.5%
industry: 30.4%
services: 57.6% (2015)
Unemployment rate9.6% (2016 est.)
10.5% (2015 est.)
Unemployment, youth ages 15-24total: 23.9%
male: 22.7%
female: 25.5% (2014 est.)
Household income or consumption by percentage sharelowest 10%: 3%
highest 10%: 23.9% (2015 est.)
Distribution of family income - Gini index30.8 (2015)
33.7 (2008)
Budgetrevenues: $73.4 billion
expenditures: $86.56 billion (2016 est.)
Taxes and other revenues15.7% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-2.8% of GDP (2016 est.)
Public debt44.7% of GDP (2016 est.)
45% of GDP (2015 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities, the data include subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
Inflation rate (consumer prices)-0.8% (2016 est.)
-1% (2015 est.)
Central bank discount rate1.5% (31 December 2016)
2% (31 December 2015)
Commercial bank prime lending rate5.1% (31 December 2016 est.)
4.92% (31 December 2015 est.)
Stock of narrow money$186.6 billion (31 December 2016 est.)
$177.4 billion (31 December 2015 est.)
Stock of broad money$306.7 billion (31 December 2014 est.)
$318.8 billion (31 December 2013 est.)
Stock of domestic credit$344.8 billion (31 December 2016 est.)
$337.4 billion (31 December 2015 est.)
Market value of publicly traded shares$261.5 billion (31 December 2016 est.)
$277.4 billion (31 December 2015 est.)
$351.7 billion (31 December 2014 est.)
Agriculture - productspotatoes, fruits, vegetables, wheat; poultry, eggs, pork, dairy
Industriesmachine building, iron and steel, coal mining, chemicals, shipbuilding, food processing, glass, beverages, textiles
Industrial production growth rate4.2% (2016 est.)
Current Account Balance-$1.395 billion (2016 est.)
-$2.932 billion (2015 est.)
Exports$188.3 billion (2016 est.)
$190.8 billion (2015 est.)
Exports - commoditiesmachinery and transport equipment 37.8%, intermediate manufactured goods 23.7%, miscellaneous manufactured goods 17.1%, food and live animals 7.6% (2012 est.)
Exports - partnersGermany 27.1%, UK 6.8%, Czech Republic 6.6%, France 5.5%, Italy 4.8%, Netherlands 4.4% (2015)
Imports$189.5 billion (2016 est.)
$188.4 billion (2015 est.)
Imports - commoditiesmachinery and transport equipment 38%, intermediate manufactured goods 21%, chemicals 15%, minerals, fuels, lubricants, and related materials 9% (2011 est.)
Imports - partnersGermany 27.6%, China 7.5%, Russia 7.2%, Netherlands 5.9%, Italy 5.2%, France 4.1% (2015)
Reserves of foreign exchange and gold$90.21 billion (31 December 2016 est.)
$94.91 billion (31 December 2015 est.)
Debt - external$344.8 billion (31 December 2016 est.)
$332.2 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$228.8 billion (31 December 2016 est.)
$221.8 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$64.62 billion (31 December 2016 est.)
$62.12 billion (31 December 2015 est.)
Exchange rateszlotych (PLN) per US dollar -
4.056 (2016 est.)
3.7721 (2015 est.)
3.7721 (2014 est.)
3.1538 (2013 est.)
3.26 (2012 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017

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