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Poland Economy 1996
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.
GDP - purchasing power parity - $191.1 billion (1994 est.)
-
National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$30 billion, including capital expenditures of $NA (1994 est.)
$16.3 billion (f.o.b., 1994 est.)
intermediate goods 26.5%, machinery and transport equipment 18.1%,
miscellaneous manufactures 16.7%, foodstuffs 9.4%, fuels 8.4% (1993)
Germany 33.4%, Russia 10.2%, Italy 5.3%, UK 4.3% (1993)
$18.1 billion (f.o.b., 1994 est.)
machinery and transport equipment 29.6%, intermediate goods 18.5%, chemicals
13.3%, fuels 12.5%, miscellaneous manufactures 10.1%
Germany 35.8%, Italy 9.2%, Russia 8.5%, UK 6.6% (1993)
$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
growth rate 12% (1994 est.)
machine building, iron and steel, extractive industries, chemicals,
shipbuilding, food processing, glass, beverages, textiles
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 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
Western governments and institutions have pledged $8 billion in grants and
loans since 1989, but most of the money has not been disbursed
1 zloty (Zl) = 100 groszy
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)
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