Economic Trends/Outlook in Poland

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Economic Overview

As a member of the European Union since 2004, Poland 's economic situation was strengthened with its integration into the community.  The growth of the GDP, which was solid between 2006 and 2008, was affected by the international economic crisis, but Poland was the only European country that experienced a positive growth in 2009.  The growth of the GDP rose to 3.4% in 2010 and it should be stronger in 2011, supported by the domestic demand and investments, a typical characteristic of the economies that are on the catching-up stage. 

The slowdown of the economy and some fiscal measures have intensified the deficit.  The government has adopted a consolidating plan for public finance.  The objective is to reduce the public deficit from 7% in 2010 to 3% in 2013 and to keep the public debt under 55% of the GDP.  The plan anticipates, among many issues, an increase of VAT and  the privatization and reduction of manpower in the public administration. 

The unemployment rate, which had been on a steady decrease since 2004, has risen during the crisis and it has reached 9.8% in 2010.

Main Indicators 2009 2010 2011 2012 2013
GDP (billions USD) 430.61 468.54e 497.98e 535.27e 576.45e
GDP (Constant Prices, Annual % Change) 1.7 3.8e 3.8e 3.6e 3.7e
GDP per Capita (USD) 11,299 12,300e 13,079e 14,059e 15,141e
General Government Balance (in % of GDP) -6.8e -7.8e -6.2e -4.0e -3.8e
General Government Gross Debt (in % of GDP) 50.9e 55.7e 56.6e 57.3e 57.5e
Inflation Rate (%) 3.5 2.6e 4.1e 2.9e 2.6e
Unemployment Rate (% of the Labor Force) 8.2 9.0e 9.0e 8.7e 8.5e
Current Account (billions USD) -7.08e -13.35e -16.02e -18.46e -
Current Account (in % of GDP) -1.6e -2.8e -3.2e -3.4e -

Source: IMF - World Economic Outlook Database

Note: (e) Estimated Data


Main Sectors of Industry

In Poland, agriculture employs less than 20% of the active population and contributes to about 5% of the GDP. The country is generally self-sufficient as far as food is concerned. The main crops are rye, potatoes, beetroot, wheat and dairy products. The country also breeds pigs and sheep as livestock farming. Poland is relatively rich in natural resources and the main minerals produced are coal, sulfur, copper, lead and zinc. 

The manufacturing industry is the economy driver, contributing to about 30% of the GDP, whereas the tertiary sector represents about 65% of the GDP. The country's main industrial sectors are machine manufacturing, telecommunications, environment, transport, construction, industrial food processing and information technologies. The automobile industry has resisted well the effects of the economic crisis because this sector was placed at the niche at the right time when there was a high demand for small economic vehicles, which was exactly what Poland was producing.

Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 14.7 30.7 54.5
Value Added (in % of GDP) 3.6 30.5 65.9
Value Added (Annual % Change) 2.2 0.3 2.5

Source: World Bank - Last Available Data.

For more detailed background on Industries in Poland, click here.

Indicator of Economic Freedom

Moderately free
World Rank:
Regional Rank:

Distribution of Economic freedom in the world
Source: 2011 Index of Economic freedom, Heritage Foundation


Country Risk

See the Country Risk Analysis Provided By Ducroire.


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