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Poland Economy Profile 2016

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Economy - overviewPoland has pursued a policy of economic liberalization since 1990 and Poland's economy was the only EU country 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 and the unemployment rate is now below 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 2013 and picked back up in 2014-15. Poland’s new center-right Law and Justice government plans to introduce expansionary economic policies to spur long-term growth, but social spending programs are expected to lead to increased deficit spending over the medium term.

Poland faces several 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 and sources of supply, strengthening investments in innovation, research, and development, and 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)$1.005 trillion (2015 est.)
$970.2 billion (2014 est.)
$938.9 billion (2013 est.)
note: data are in 2015 US dollars
GDP (official exchange rate)$474.9 billion (2015 est.)
GDP - real growth rate3.6% (2015 est.)
3.3% (2014 est.)
1.3% (2013 est.)
GDP - per capita (PPP)$26,500 (2015 est.)
$25,500 (2014 est.)
$24,700 (2013 est.)
note: data are in 2015 US dollars
Gross national saving19.9% of GDP (2015 est.)
18.2% of GDP (2014 est.)
17.7% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 58.9%
government consumption: 17.8%
investment in fixed capital: 20%
investment in inventories: 0.7%
exports of goods and services: 52.6%
imports of goods and services: -50% (2015 est.)
GDP - composition by sectoragriculture: 3.3%
industry: 41.1%
services: 55.6% (2015 est.)
Population below poverty line17.3% (2012 est.)
Labor force18.29 million (2015 est.)
Labor force - by occupationagriculture: 12.6%
industry: 30.4%
services: 57% (2012)
Unemployment rate10.6% (2015 est.)
12.3% (2014 est.)
Unemployment, youth ages 15-24total: 23.9%
male: 22.7%
female: 25.5% (2014 est.)
Household income or consumption by percentage sharelowest 10%: 3.3%
highest 10%: 25.6% (2012 est.)
Distribution of family income - Gini index32.4 (2012)
33.7 (2008)
Budgetrevenues: $81.58 billion
expenditures: $90.24 billion (2015 est.)
Taxes and other revenues17% of GDP (2015 est.)
Budget surplus (+) or deficit (-)-1.8% of GDP (2015 est.)
Public debt43.4% of GDP (2015 est.)
43.7% of GDP (2014 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)-0.9% (2015 est.)
0% (2014 est.)
Central bank discount rate2.5% (31 December 2014)
1.5% (31 December 2013)
Commercial bank prime lending rate5.5% (31 December 2015 est.)
6.18% (31 December 2014 est.)
Stock of narrow money$167.1 billion (31 December 2015 est.)
$172.9 billion (31 December 2014 est.)
Stock of broad money$306.7 billion (31 December 2014 est.)
$318.8 billion (31 December 2013 est.)
Stock of domestic credit$344 billion (31 December 2015 est.)
$348 billion (31 December 2014 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 rate4.3% (2015 est.)
Current Account Balance-$2.215 billion (2015 est.)
-$11.13 billion (2014 est.)
Exports$190.2 billion (2015 est.)
$210.7 billion (2014 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$187.5 billion (2015 est.)
$215 billion (2014 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$94.75 billion (31 December 2015 est.)
$100.4 billion (31 December 2014 est.)
Debt - external$354.2 billion (31 December 2014 est.)
$382.1 billion (31 December 2013 est.)
Stock of direct foreign investment - at home$287.3 billion (31 December 2015 est.)
$280.3 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad$72.19 billion (31 December 2015 est.)
$70.69 billion (31 December 2014 est.)
Exchange rateszlotych (PLN) per US dollar -
3.697 (2015 est.)
3.1538 (2014 est.)
3.1538 (2013 est.)
3.26 (2012 est.)
2.9639 (2011 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on October 8, 2016

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