Poland Economy - 2024

Economic overview

diversified, high-growth European economy; COVID-19 led to first recession in nearly 3 decades, albeit small; EU and NATO member; bolstering US relations; economic concentration in western region; aging labor force; growing debt

Real GDP (purchasing power parity)

$1.318 trillion (2021 est.)
$1.233 trillion (2020 est.)
$1.259 trillion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

6.85% (2021 est.)
-2.02% (2020 est.)
4.45% (2019 est.)

Real GDP per capita

$34,900 (2021 est.)
$32,500 (2020 est.)
$33,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$595.72 billion (2019 est.)

Inflation rate (consumer prices)

5.06% (2021 est.)
3.37% (2020 est.)
2.23% (2019 est.)

Credit ratings

Fitch rating: A- (2007)

Moody's rating: A2 (2002)

Standard & Poors rating: A- (2018)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 2.4% (2017 est.)

industry: 40.2% (2017 est.)

services: 57.4% (2017 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.)

Agricultural products

milk, sugar beets, wheat, potatoes, triticale, maize, barley, apples, mixed grains, rye

Industries

machine building, iron and steel, coal mining, chemicals, shipbuilding, food processing, glass, beverages, textiles

Industrial production growth rate

3.36% (2021 est.)

Labor force

18.212 million (2021 est.)

Unemployment rate

3.37% (2021 est.)
3.16% (2020 est.)
3.28% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 13.4% (2021 est.)

male: 12.3%

female: 15%

Population below poverty line

15.4% (2018 est.)

Gini Index coefficient - distribution of family income

30.2 (2018 est.)

Average household expenditures

on food: 16.7% of household expenditures (2018 est.)

on alcohol and tobacco: 5.7% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3%

highest 10%: 23.9% (2015 est.)

Remittances

1.05% of GDP (2021 est.)
1.12% of GDP (2020 est.)
1.18% of GDP (2019 est.)

Budget

revenues: $244.485 billion (2019 est.)

expenditures: $248.868 billion (2019 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

Taxes and other revenues

17.48% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$4.568 billion (2021 est.)
$17.319 billion (2020 est.)
$2.832 billion (2019 est.)

Exports

$411.621 billion (2021 est.) note: data are in current year dollars
$336.317 billion (2020 est.) note: data are in current year dollars
$330.934 billion (2019 est.) note: data are in current year dollars

Exports - partners

Germany 28%, UK 6%, Czechia 6%, France 6%, Netherlands 4% (2020)

Exports - commodities

cars and vehicle parts, seats, furniture, electric batteries, computers (2020)

Imports

$380.699 billion (2021 est.) note: data are in current year dollars
$295.897 billion (2020 est.) note: data are in current year dollars
$302.525 billion (2019 est.) note: data are in current year dollars

Imports - partners

Germany 25%, China 12%, Italy 5%, Netherlands 5%, Czechia 4% (2020)

Imports - commodities

cars and vehicle parts, crude petroleum, packaged medicines, broadcasting equipment, office machinery/parts (2020)

Reserves of foreign exchange and gold

$166.03 billion (31 December 2021 est.)
$154.219 billion (31 December 2020 est.)
$128.392 billion (31 December 2019 est.)

Debt - external

$351.77 billion (2019 est.)
$373.721 billion (2018 est.)

Exchange rates

zlotych (PLN) per US dollar -

Exchange rates:
3.862 (2021 est.)
3.9 (2020 est.)
3.839 (2019 est.)
3.612 (2018 est.)
3.779 (2017 est.)