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Poland Economy Profile

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Economy - overview

Poland 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 Poland is the largest recipient of EU development funds and their cyclical allocation can significantly impact the rate of economic growth.

The Polish economy performed well during the 2014-17 period, with the real GDP growth rate generally exceeding 3%, in part because of increases in government social spending that have helped to accelerate consumer-driven growth. However, since 2015, Poland has implemented new business restrictions and taxes on foreign-dominated economic sectors, including banking and insurance, energy, and healthcare, that have dampened investor sentiment and has increased the government’s ownership of some firms. The government reduced the retirement age in 2016 and has had mixed success in introducing new taxes and boosting tax compliance to offset the increased costs of social spending programs and relieve upward pressure on the budget deficit. Some credit ratings agencies estimate that Poland during the next few years is at risk of exceeding the EU’s 3%-of-GDP limit on budget deficits, possibly impacting its access to future EU funds. Poland’s economy is projected to perform well in the next few years in part because of an anticipated cyclical increase in the use of its EU development funds and continued, robust household spending.

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)
$1.126 trillion (2017 est.)
$1.076 trillion (2016 est.)
$1.045 trillion (2015 est.)

note: data are in 2017 dollars

GDP (official exchange rate)
$524.8 billion (2017 est.)
GDP - real growth rate
4.55% (2019 est.)
5.36% (2018 est.)
4.83% (2017 est.)
GDP - per capita (PPP)
$29,600 (2017 est.)
$28,300 (2016 est.)
$27,500 (2015 est.)

note: data are in 2017 dollars

Gross national saving
20% of GDP (2017 est.)
19.2% of GDP (2016 est.)
19.9% of GDP (2015 est.)
GDP - composition, by end use
household consumption: 58.6% (2017 est.)
government consumption: 17.7% (2017 est.)
investment in fixed capital: 17.7% (2017 est.)
investment in inventories: 2% (2017 est.)
exports of goods and services: 54% (2017 est.)
imports of goods and services: -49.9% (2017 est.)
GDP - composition by sector
agriculture: 2.4% (2017 est.)
industry: 40.2% (2017 est.)
services: 57.4% (2017 est.)
Population below poverty line
17.6% (2015 est.)
Labor force
9.561 million (2020 est.)
Labor force - by occupation
agriculture: 11.5%
industry: 30.4%
services: 57.6% (2015)
Unemployment rate
5.43% (2019 est.)
6.08% (2018 est.)
Unemployment, youth ages 15-24
total: 11.7%
male: 11.5%
female: 12.1% (2018 est.)
Household income or consumption by percentage share
lowest 10%: 3%
highest 10%: 23.9% (2015 est.)
Distribution of family income - Gini index
30.8 (2015)
33.7 (2008)
Budget
revenues: 207.5 billion (2017 est.)
expenditures: 216.2 billion (2017 est.)
Taxes and other revenues
39.5% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)
-1.7% (of GDP) (2017 est.)
Public debt
50.6% of GDP (2017 est.)
54.2% of GDP (2016 est.)

note: data cover general government debt and include 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 intragovernmental debt; intragovernmental 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)
2% (2017 est.)
-0.6% (2016 est.)
Central bank discount rate
1.5% (31 December 2017)
1.5% (31 December 2016)
Commercial bank prime lending rate
4.8% (31 December 2017 est.)
4.74% (31 December 2016 est.)
Stock of narrow money
$260.4 billion (31 December 2017 est.)
$195.1 billion (31 December 2016 est.)
Stock of broad money
$260.4 billion (31 December 2017 est.)
$195.1 billion (31 December 2016 est.)
Stock of domestic credit
$419.7 billion (31 December 2017 est.)
$336.6 billion (31 December 2016 est.)
Market value of publicly traded shares
$397 billion (31 December 2017 est.)
$265.4 billion (31 December 2016 est.)
$277.4 billion (31 December 2015 est.)
Agriculture - products
potatoes, fruits, vegetables, wheat; poultry, eggs, pork, dairy
Industries
machine building, iron and steel, coal mining, chemicals, shipbuilding, food processing, glass, beverages, textiles
Industrial production growth rate
7.5% (2017 est.)
Current Account Balance
$2.92 billion (2019 est.)
-$7.52 billion (2018 est.)
Exports
$224.6 billion (2017 est.)
$195.7 billion (2016 est.)
Exports - commodities
machinery and transport equipment 37.8%, intermediate manufactured goods 23.7%, miscellaneous manufactured goods 17.1%, food and live animals 7.6% (2012 est.)
Exports - partners
Germany 27.4%, Czech Republic 6.4%, UK 6.4%, France 5.6%, Italy 4.9%, Netherlands 4.4% (2017)
Imports
$223.8 billion (2017 est.)
$193.2 billion (2016 est.)
Imports - commodities
machinery and transport equipment 38%, intermediate manufactured goods 21%, chemicals 15%, minerals, fuels, lubricants, and related materials 9% (2011 est.)
Imports - partners
Germany 27.9%, China 8%, Russia 6.4%, Netherlands 6%, Italy 5.3%, France 4.2%, Czech Republic 4% (2017)
Reserves of foreign exchange and gold
$113.3 billion (31 December 2017 est.)
$114.4 billion (31 December 2016 est.)
Debt - external
$241 billion (31 December 2017 est.)
$347.8 billion (31 December 2016 est.)
Stock of direct foreign investment - at home
$282.6 billion (31 December 2017 est.)
$224.5 billion (31 December 2016 est.)
Stock of direct foreign investment - abroad
$72.87 billion (31 December 2017 est.)
$64.52 billion (31 December 2016 est.)
Exchange rates
zlotych (PLN) per US dollar -
3.748 (2017 est.)
3.9459 (2016 est.)
3.9459 (2015 est.)
3.7721 (2014 est.)
3.1538 (2013 est.)
Fiscal year
calendar year

Source: CIA World Factbook
This page was last updated on Friday, November 27, 2020

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