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Poland Economy Profile 2014

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Economy - overviewPoland has pursued a policy of economic liberalization since 1990 and Poland's economy was the only one in the EU to avoid a recession through the 2008-09 economic downturn. Although EU membership and access to EU structural funds have provided a major boost to the economy since 2004, GDP per capita remains significantly below the EU average while unemployment continues to exceed the EU average. The government of Prime Minister Donald TUSK steered the Polish economy through the economic downturn by skillfully managing public finances and adopting controversial pension and tax reforms to further shore up public finances. While the Polish economy has performed well over the past five years, growth slowed in 2012 and 2013, in part due to the ongoing economic difficulties in the euro zone. Short-term, the key policy challenge will be to consolidate debt and spending without stifling economic growth. Over the longer term, Poland's economic performance could improve if the country addresses 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.
GDP (purchasing power parity)$814 billion (2013 est.)
$803.3 billion (2012 est.)
$788.6 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$513.9 billion (2013 est.)
GDP - real growth rate1.3% (2013 est.)
1.9% (2012 est.)
4.5% (2011 est.)
GDP - per capita (PPP)$21,100 (2013 est.)
$20,800 (2012 est.)
$20,500 (2011 est.)
note: data are in 2013 US dollars
Gross national saving16.8% of GDP (2013 est.)
17.2% of GDP (2012 est.)
16.7% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 61.5%
government consumption: 17.6%
investment in fixed capital: 18.3%
investment in inventories: 0.6%
exports of goods and services: 46.7%
imports of goods and services: -44.7%
(2013 est.)
GDP - composition by sectoragriculture: 4%
industry: 33.3%
services: 62.7% (2013 est.)
Population below poverty line10.6% (2008 est.)
Labor force18.22 million (2013 est.)
Labor force - by occupationagriculture: 12.9%
industry: 30.2%
services: 57% (2010)
Unemployment rate10.3% (2013 est.)
10.1% (2012 est.)
Unemployment, youth ages 15-24total: 26.5%
male: 24.1%
female: 30% (2012)
Household income or consumption by percentage sharelowest 10%: 3.3%
highest 10%: 27.1% (2009 est.)
Distribution of family income - Gini index34.1 (2009)
31.6 (1998)
Budgetrevenues: $92.5 billion
expenditures: $92.47 billion (2013 est.)
Taxes and other revenues18% of GDP (2013 est.)
Budget surplus (+) or deficit (-)0% of GDP (2013 est.)
Public debt48.2% of GDP (2013 est.)
48.3% of GDP (2012 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)1% (2013 est.)
3.7% (2012 est.)
Central bank discount rate4.25% (31 December 2012 est.)
4% (31 December 2010 est.)
Commercial bank prime lending rate6.9% (31 December 2013 est.)
8.73% (31 December 2012 est.)
Stock of narrow money$162 billion (31 December 2013 est.)
$156.4 billion (31 December 2012 est.)
Stock of broad money$291.1 billion (31 December 2013 est.)
$290.5 billion (31 December 2012 est.)
Stock of domestic credit$344.7 billion (31 December 2013 est.)
$328.4 billion (31 December 2012 est.)
Market value of publicly traded shares$177.7 billion (31 December 2012 est.)
$138.2 billion (31 December 2011)
$190.2 billion (31 December 2010 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 rate5.2% (2013 est.)
Current Account Balance-$11.06 billion (2013 est.)
-$18.14 billion (2012 est.)
Exports$202.3 billion (2013 est.)
$191 billion (2012 est.)
Exports - commoditiesmachinery and transport equipment 37.8%, intermediate manufactured goods 23.7%, miscellaneous manufactured goods 17.1%, food and live animals 7.6%
Exports - partnersGermany 26%, UK 7%, Czech Republic 6.5%, France 6%, Russia 5.2%, Italy 5%, Netherlands 4.6% (2012)
Imports$207.4 billion (2013 est.)
$197.7 billion (2012 est.)
Imports - commoditiesmachinery and transport equipment 38%, intermediate manufactured goods 21%, chemicals 15%, minerals, fuels, lubricants, and related materials 9% (2011 est.)
Imports - partnersGermany 27.3%, Russia 12.2%, Netherlands 5.9%, China 5.4%, Italy 5.2%, Czech Republic 4.3%, France 4.2% (2012)
Reserves of foreign exchange and gold$107.8 billion (31 December 2013 est.)
$108.9 billion (31 December 2012 est.)
Debt - external$365.2 billion (31 December 2013 est.)
$364.2 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$248.2 billion (31 December 2013 est.)
$246.5 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$69.78 billion (31 December 2013 est.)
$70.28 billion (31 December 2012 est.)
Exchange rateszlotych (PLN) per US dollar -
3.175 (2013 est.)
3.2565 (2012 est.)
3.0153 (2010 est.)
3.1214 (2009)
2.3 (2008)
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of August 23, 2014