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Poland Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Poland Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

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
country comparison to the world: 23
[see also: GDP country ranks ]

GDP (official exchange rate):
$524.8 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.7% (2017 est.)
3% (2016 est.)
3.8% (2015 est.)
country comparison to the world: 60
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$29,600 (2017 est.)
$28,300 (2016 est.)
$27,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 69
[see also: GDP - per capita country ranks ]

Gross national saving:
20% of GDP (2017 est.)
19.2% of GDP (2016 est.)
19.9% of GDP (2015 est.)
country comparison to the world: 97
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 58.6% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17.7% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 17.7% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 54% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -49.9% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.4% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 40.2% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 57.4% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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.)
country comparison to the world: 28
[see also: Industrial production growth rate country ranks ]

Labor force:
17.6 million (2017 est.)
country comparison to the world: 35
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 11.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 30.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 57.6% (2015)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4.9% (2017 est.)
6.2% (2016 est.)
country comparison to the world: 70
[see also: Unemployment rate country ranks ]

Population below poverty line:
17.6% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 23.9% (2015 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
30.8 (2015)
33.7 (2008)
country comparison to the world: 128
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 207.5 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 216.2 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
39.5% (of GDP) (2017 est.)
country comparison to the world: 45
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.7% (of GDP) (2017 est.)
country comparison to the world: 96
[see also: Budget surplus (+) or deficit (-) country ranks ]

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
country comparison to the world: 100
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2% (2017 est.)
-0.6% (2016 est.)
country comparison to the world: 106
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.5% (31 December 2017)
1.5% (31 December 2016)
country comparison to the world: 127
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.8% (31 December 2017 est.)
4.74% (31 December 2016 est.)
country comparison to the world: 153
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$260.4 billion (31 December 2017 est.)
$195.1 billion (31 December 2016 est.)
country comparison to the world: 20
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$260.4 billion (31 December 2017 est.)
$195.1 billion (31 December 2016 est.)
country comparison to the world: 20
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$419.7 billion (31 December 2017 est.)
$336.6 billion (31 December 2016 est.)
country comparison to the world: 30
[see also: Stock of domestic credit country ranks ]

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.)
country comparison to the world: 26
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$1.584 billion (2017 est.)
-$1.369 billion (2016 est.)
country comparison to the world: 46
[see also: Current account balance country ranks ]

Exports:
$224.6 billion (2017 est.)
$195.7 billion (2016 est.)
country comparison to the world: 23
[see also: Exports country ranks ]

Exports - partners:
Germany 27.4%, Czech Republic 6.4%, UK 6.4%, France 5.6%, Italy 4.9%, Netherlands 4.4% (2017)

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.)

Imports:
$223.8 billion (2017 est.)
$193.2 billion (2016 est.)
country comparison to the world: 23
[see also: Imports country ranks ]

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.)
country comparison to the world: 22
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$241 billion (31 December 2017 est.)
$347.8 billion (31 December 2016 est.)
country comparison to the world: 31
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$282.6 billion (31 December 2017 est.)
$224.5 billion (31 December 2016 est.)
country comparison to the world: 23
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$72.87 billion (31 December 2017 est.)
$64.52 billion (31 December 2016 est.)
country comparison to the world: 38
[see also: Stock of direct foreign investment - abroad country ranks ]

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.)


NOTE: 1) The information regarding Poland on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Poland Economy 2019 information contained here. All suggestions for corrections of any errors about Poland Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 08-Feb-19
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