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Poland Economy 1996


    • Overview:
      Poland continues to make good progress in the difficult transition to a market economy that began on 1 January 1990, when the new democratic government instituted "shock therapy" by decontrolling prices, slashing subsidies, and drastically reducing import barriers. Real GDP fell sharply in 1990 and 1991, but in 1992 Poland became the first country in the region to resume economic growth with a 2.6% increase. Growth increased to 3.8% in 1993 and 5.5% in 1994 - the highest rate in Europe except for Albania. All of the growth since 1991 has come from the booming private sector, which now accounts for at least 55% of GDP, even though privatization of the state-owned enterprises is proceeding slowly and most industry remains in state hands. Industrial production increased 12% in 1994 - led by 50% jumps in the output of motor vehicles, radios and televisions, and pulp and paper - and is now well above the 1990 level. Inflation, which had approached 1,200% annually in early 1990, was down to about 30% in 1994, as the government held the budget deficit to 1.5% of GDP. After five years of steady increases, unemployment has leveled off at about 16% nationwide, although it approaches 30% in some regions. The trade deficit was sharply reduced in 1994, due mainly to increased exports to Western Europe, Poland's main customer. The leftist government elected in September 1993 gets generally good marks from foreign observers for its management of the budget but is often criticized for not moving faster on privatization.

    • National product:
      GDP - purchasing power parity - $191.1 billion (1994 est.)

    • National product real growth rate:
      5.5% (1994 est.)

    • National product per capita:
      $4,920 (1994 est.)

    • Inflation rate (consumer prices):
      30% (1994)

    • Unemployment rate:
      16.1% (November 1994)

    • Budget:

        revenues:
        $27.1 billion

        expenditures:
        $30 billion, including capital expenditures of $NA (1994 est.)

    • Exports:
      $16.3 billion (f.o.b., 1994 est.)

        commodities:
        intermediate goods 26.5%, machinery and transport equipment 18.1%, miscellaneous manufactures 16.7%, foodstuffs 9.4%, fuels 8.4% (1993)

        partners:
        Germany 33.4%, Russia 10.2%, Italy 5.3%, UK 4.3% (1993)

    • Imports:
      $18.1 billion (f.o.b., 1994 est.)

        commodities:
        machinery and transport equipment 29.6%, intermediate goods 18.5%, chemicals 13.3%, fuels 12.5%, miscellaneous manufactures 10.1%

        partners:
        Germany 35.8%, Italy 9.2%, Russia 8.5%, UK 6.6% (1993)

    • External debt:
      $47 billion (1993); note - Poland's Western government creditors promised in 1991 to forgive 30% of Warsaw's $35 billion official debt immediately and to forgive another 20% in 1994; foreign banks agreed in early 1994 to forgive 45% of their $12 billion debt claim

    • Industrial production:
      growth rate 12% (1994 est.)

    • Electricity:

        capacity:
        31,120,000 kW

        production:
        124 billion kWh

        consumption per capita:
        2,908 kWh (1993)

    • Industries:
      machine building, iron and steel, extractive industries, chemicals, shipbuilding, food processing, glass, beverages, textiles

    • Agriculture:
      accounts for 7% of GDP; 75% of output from private farms, 25% from state farms; productivity remains low by European standards; leading European producer of rye, rapeseed, and potatoes; wide variety of other crops and livestock; major exporter of pork products; normally self-sufficient in food

    • Illicit drugs:
      illicit producer of opium for domestic consumption and amphetamines for the international market; transshipment point for Asian and Latin American illicit drugs to Western Europe; producer of precursor chemicals

    • Economic aid:

        donor:
        billion

        recipient:
        Western governments and institutions have pledged $8 billion in grants and loans since 1989, but most of the money has not been disbursed

    • Currency:
      1 zloty (Zl) = 100 groszy

    • Exchange rates:
      zlotych (Zl) per US$1 - 2.45 (January 1995; a currency reform on 1 January 1995 replaced 10,000 old zlotys with 1 new zloty), 22,723 (1994), 18,115 (1993), 13,626 (1992), 10,576 (1991), 9,500 (1990)

    • Fiscal year:
      calendar year






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