Overview: The economy, except for the agricultural sector, is based on the Soviet model of state ownership of the country's productive assets. About 75% of agricultural production comes from the private sector and the rest from state farms. The economy presents a picture of moderate but slowing growth against a background of underlying weaknesses in recovering to the production levels of the 1970s. GNP increased between 3% and 6% annually during the period 1983-1986, but was only 2.5% and 2.1% in 1987 and 1988, respectively. The inflation rate, after falling sharply from the 1982 peak of 100% to 22% in 1986, rose to an annual rate of 74% in early 1989. Shortages of consumer goods and some food items worsened in 1988-89. Agricultural products and coal remain the biggest hard currency earners, but manufactures are increasing in importance. Poland continues to have difficulty in servicing a large hard currency debt that amounted to $38.9 billion at the end of 1988. Consequently, it is severely limited in its ability to import much needed hard currency goods.

GNP: $276.3 billion, per capita $7,280; real growth rate 2.1% (1988)

Inflation rate (consumer prices): 74% (January 1989)

Unemployment rate: negligible

Budget: revenues $23 billion; expenditures $24 billion, including capital expenditures of $3.5 billion (1988)

Exports: $26.0 billion (f.o.b., 1987); @m5commodities--machinery and equipment 49%, fuels, minerals, and metals 23%, manufactured consumer goods 13%, agricultural and forestry products 10%; @m5partners--USSR 25%, FRG 11%, Czechoslovakia 6% (1987)

Imports: $24.3 billion (f.o.b., 1987); @m5commodities--machinery and equipment 33%, fuels, minerals, and metals 38%, manufactured consumer goods 9%, agricultural and forestry products 13%; @m5partners--USSR 27%, FRG 12%, Czechoslovakia 6% (1987)

External debt: $38.9 billion (1988)

Industrial production: growth rate 5.4% (1988)

Electricity: 31,387,000 kW capacity; 129,400 million kWh produced, 3,410 kWh per capita (1988)

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

Agriculture: grain, sugar beets, oilseed, potatoes, exporter of livestock products and sugar; importer of grains; self-sufficient for minimum requirements

Aid: NA

Currency: zloty (plural--zlotych); 1 zloty (Zl) = 100 groszy

Exchange rates: zlotych (Zl) per US$1--498.74 (December 1989), 430.55 (1988), 265.08 (1987), 175.29 (1986), 147.14 (1985)

Fiscal year: calendar year

NOTE: The information regarding Poland on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Poland Economy 1989 information contained here. All suggestions for corrections of any errors about Poland Economy 1989 should be addressed to the CIA.