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Economy of Poland

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Economy of Poland
Warsaw, central business district
CurrencyPolish złoty (PLN, zł)
Calendar year
Trade organisations
EU, WTO and OECD
Country group
Statistics
PopulationDecrease 38,179,800 (31 March 2021)[3]
GDP
  • Increase $863 billion (nominal, 2024)[4]
  • Increase $1.900 trillion (PPP, 2024)[4]
GDP rank
GDP growth
  • +0.2% (2023)
  • +3.1% (2024)
  • +3.5% (2025)[4]
GDP per capita
  • Increase $23,014 (nominal, 2024)[4]
  • Increase $49,060 (PPP, 2024)[4]
GDP per capita rank
GDP by sector
  • 11.4% (2023)
  • 5.0% (2024)
  • 5.0% (2025)[4]
Population below poverty line
  • Positive decrease 11.8% (2022)[6]
  • Negative increase 16.3% at risk of poverty or social exclusion (2023)[7]
Negative increase 27.0 low (2023)[8]
Decrease 54 out of 100 points (2023, 47th rank)
Labour force
  • Increase 18,387,400 (2023)[11]
  • Increase 77.9% employment rate (2023)[12]
Labour force by occupation
Unemployment
  • Positive decrease 2.7% (May 2022)[14]
  • Positive decrease 9.5% youth unemployment (15 to 24 year-olds; July 2020)[15]
Average gross salary
7,767 zł / €1,783 monthly
5,625 zł / €1,291 monthly
Main industries
  • machine building
  • iron and steel
  • mining coal
  • chemicals
  • ship building
  • food processing
  • furniture
  • glass
  • beverages
  • video games
  • textiles
External
ExportsIncrease $469.3 billion (2023 est.)[5]
Export goods
vehicle parts/accessories, plastic products, garments, electric batteries, computers (2022)[5]
Main export partners
ImportsIncrease $419.701 billion (2023 est.)[5]
Import goods
garments, crude petroleum, cars, vehicle parts/accessories, plastic products (2022)[5]
Main import partners
FDI stock
  • Increase $282.6 billion (31 December 2017 est.)[5]
  • Increase Abroad: $72.87 billion (31 December 2017 est.)[5]
Increase $1.584 billion (2017 est.)[5]
Positive decrease $241 billion (31 December 2017 est.)[5]
Public finances
  • 49.6% of GDP (2023)[17]
  • PLN 1.7 trillion (2023)[17]
  • PLN 174 billion deficit (2023)[17]
  • −5.1% of GDP (2023)[17]
Revenues41.6% of GDP (2023)[17]
Expenses46.7% of GDP (2023)[17]
Economic aid
Increase $193.783 billion (2023 est.)[5]
All values, unless otherwise stated, are in US dollars.


The economy of Poland is an emerging and developing,[1] high-income,[24] industrialized, mixed economy that serves as the sixth-largest in the European Union by nominal GDP and fifth-largest by GDP (PPP).[25] Poland boasts the extensive public services characteristic of most developed economies and is one of few countries in Europe to provide no tuition fees for undergraduate and postgraduate education[26] and with universal public healthcare that is free at a point of use. Since 1988, Poland has pursued a policy of economic liberalisation[27] but retained an advanced public welfare system.[28] It ranks 20th worldwide in terms of GDP (PPP), 21st in terms of GDP (nominal), and 21st in the 2023 Economic Complexity Index.[29] Among OECD nations, Poland has a highly efficient and strong social security system; social expenditure stood at roughly 22.7% of GDP.[30][31][32]

The largest component of Poland's economy is the service sector (62.3%), followed by industry (34.2%) and agriculture (3.5%). Following the economic reform of 1989, Poland's external debt has increased from $42.2 billion in 1989 to $365.2 billion in 2014. Poland shipped US$224.6 billion worth of goods around the globe in 2017, while exports increased to US$221.4 billion. The country's top export goods include machinery, electronic equipment, vehicles, furniture, and plastics. Poland was the only economy in the EU to avoid a recession through the 2007–08 economic downturn.[33]

As of 2019, the Polish economy had been growing steadily for 28 years, a record high in the EU. This record was only surpassed by Australia in the world economy.[34] GDP per capita at purchasing power parity has grown on average by 6% p.a. over the last 20 years, the highest in Central Europe. Poland's GDP has increased seven-fold since 1990.[35][36][37]

History

[edit]

Poland has seen the largest increase in GDP per capita (more than 100%) both among the former Eastern Bloc countries, and compared to the EU-15 (around 45%).[38] It has had uninterrupted economic growth since 1992, even after the financial crisis of 2007–2008.[39]

Before 1989

[edit]

This article discusses the economy of post-1989 Poland. For a historical overview see:

1990–2009

[edit]

The Polish state steadfastly pursued a policy of economic liberalization throughout the 1990s, with positive results for economic growth but negative results for some sectors of the population. The privatization of small and medium state-owned companies and a liberal law on establishing new firms[40] has encouraged the development of the private business sector, which has been the main drive for Poland's economic growth. The agricultural sector remained constrained by structural problems, surplus labour, inefficient small farms, and a lack of investment. Restructuring and privatization of "sensitive sectors" (e.g. coal), has also been slow, but foreign investments in energy and steel have begun to turn the tide. Also, reforms in healthcare, education, the pension system, and state administration have resulted in larger than expected fiscal pressures. Improving this account deficit and tightening monetary policy, with a focus on inflation, are priorities for the Polish government. Further progress in public finance depends mainly on the reduction of public sector employment, and an overhaul of the tax code to incorporate farmers, who currently pay significantly lower taxes than other people with similar income levels.

Estimated historical development of real GDP per capita in Poland, since 1400

Since the 2009 financial crisis

[edit]

Since the global recession of 2009, Poland's GDP has continued to grow. In 2009, at the high point of the crisis, the GDP for the European Union as a whole dropped by 4.5% while Polish GDP increased by 1.6%. As of November 2013, the size of the EU's economy remains below the pre-crisis level, while Poland's economy increased by a cumulative 16%. The major reasons for its success appear to be a large internal market (in terms of population it is sixth in the EU) and a business-friendly political climate. The economic reforms implemented after the fall of communism in the 1990s have also played a role; between 1989 and 2007 Poland's economy grew by 177%, faster than other countries in Eastern and Central Europe, while at the same time millions were left without work.[39]

However, the economic fluctuations of the business cycle did affect Poland's unemployment rate, which by early 2013 reached almost 11%. This level was still below European average and has begun falling subsequently.[41] As of October 2017, Poland's unemployment rate stood at 4.6% according to Eurostat.[42]

Economic growth

[edit]

In the period from 1989 to 2018, Poland's GDP increased by 826.96% and it was the best result in Europe. In the same period, Ireland's GDP grew by 789.43%, Slovakia's by 783.83% and the Czech Republic by 549.47%. In 1990, the Polish national income amounted to USD 65.978 billion, and by 2017 it had increased to USD 524.5 billion. Achieving these results was possible thanks to the privatisation of state-owned enterprises, the development of private entrepreneurship, but also the rapid increase in work efficiency and openness to foreign direct investments. In 2018, the Polish economy grew by 5.1% compared to 4.8% in 2017.[43] Economic growth in the fourth quarter of 2018 in Poland amounted to 4.9% on an annual basis and compared to the third quarter, where GDP increased by 5.1%, it was slightly lower. During this period, investments increased by 6.7%, private consumption also increased by 4.3%, and domestic demand increased by 4.8%.[44] The PMI index in January 2019 was 48.2 points and was higher than in December 2018 when it amounted to 47.6 points.[45]

Data

[edit]

The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation under 5% is in green.[46]

Year GDP
(in Bil. PLN) 		GDP
(in Bil. US $PPP) 		GDP per capita
(in US$ PPP) 		GDP
(in Bil. US$ nominal) 		GDP per capita
(in US$ nominal) 		GDP growth
(real) 		Inflation rate
(in percent) 		Unemployment
(in percent) 		Government debt
(in % of GDP)
1980 0.3 171.6 4,823.8 56.7 1,595.0 Decrease -6.0% Negative increase 9.4% —
1981 Increase 0.3 Decrease 169.0 Decrease 4,709.8 Decrease 53.8 Decrease 1,497.8 Decrease -10.0% Negative increase 21.2% —
1982 Increase 0.6 Increase 170.8 Increase 4,715.1 Increase 65.3 Increase 1,803.5 Decrease -4.8% Negative increase 100.8% —
1983 Increase 0.7 Increase 187.4 Increase 5,101.7 Increase 75.6 Increase 2,057.0 Increase 5.6% Negative increase 22.1% —
1984 Increase 0.9 Increase 193.4 Increase 5,221.3 Increase 75.7 Decrease 2,042.0 Decrease -0.4% Negative increase 75.6% —
1985 Increase 1.0 Increase 207.3 Increase 5,552.7 Decrease 70.9 Decrease 1,899.8 Increase 3.9% Negative increase 15.1% —
1986 Increase 1.3 Increase 218.8 Increase 5,826.4 Increase 73.8 Increase 1,965.5 Increase 3.5% Negative increase 17.8% —
1987 Increase 1.7 Increase 229.4 Increase 6,076.9 Decrease 63.8 Decrease 1,691.1 Increase 2.3% Negative increase 25.2% —
1988 Increase 3.0 Increase 245.3 Increase 6,491.7 Increase 68.7 Increase 1,819.4 Increase 3.3% Negative increase 60.2% —
1989 Increase 9.6 Increase 264.6 Increase 6,996.4 Decrease 67.0 Decrease 1,772.1 Increase 3.8% Negative increase 251.1% —
1990 Increase 60.0 Decrease 254.8 Decrease 6,673.9 Decrease 62.2 Decrease 1,629.0 Decrease -7.2% Negative increase 585.8% 6.3% —
1991 Increase 85.3 Decrease 245.0 Decrease 6,399.5 Increase 80.6 Increase 2,105.5 Decrease -7.0% Negative increase 70.3% Negative increase 11.8% —
1992 Increase 121.2 Increase 255.7 Increase 6,661.0 Increase 88.9 Increase 2,315.6 Increase 2.0% Negative increase 43.0% Negative increase 13.6% —
1993 Increase 164.3 Increase 273.0 Increase 7,089.9 Increase 90.5 Increase 2,351.7 Increase 4.3% Negative increase 35.3% Negative increase 16.4% —
1994 Increase 236.1 Increase 293.4 Increase 7,604.9 Increase 103.9 Increase 2,692.7 Increase 5.2% Negative increase 32.2% Positive decrease 11.4% —
1995 Increase 337.9 Increase 319.7 Increase 8,286.8 Increase 139.4 Increase 3,612.3 Increase 6.7% Negative increase 27.9% Negative increase 13.3% 48.7%
1996 Increase 423.3 Increase 345.9 Increase 8,958.4 Increase 157.0 Increase 4,066.2 Increase 6.2% Negative increase 19.9% Positive decrease 12.3% Positive decrease 43.1%
1997 Increase 516.4 Increase 376.8 Increase 9,751.0 Increase 157.5 Increase 4,076.0 Increase 7.1% Negative increase 14.9% Positive decrease 11.2% Positive decrease 42.7%
1998 Increase 602.1 Increase 400.0 Increase 10,346.5 Increase 172.4 Increase 4,459.1 Increase 5.0% Negative increase 11.8% Positive decrease 10.6% Positive decrease 38.7%
1999 Increase 667.0 Increase 424.0 Increase 10,965.0 Decrease 168.1 Decrease 4,348.1 Increase 4.5% Negative increase 7.3% Negative increase 13.1% Negative increase 39.3%
2000 Increase 745.8 Increase 452.1 Increase 11,814.4 Increase 171.6 Increase 4,485.1 Increase 4.3% Negative increase 10.1% Negative increase 16.1% Positive decrease 36.4%
2001 Increase 781.1 Increase 467.8 Increase 12,229.2 Increase 190.8 Increase 4,987.9 Increase 1.2% Negative increase 5.5% Negative increase 18.2% Negative increase 37.1%
2002 Increase 812.2 Increase 482.0 Increase 12,602.9 Increase 199.1 Increase 5,205.5 Increase 1.4% Increase 1.9% Negative increase 20.2% Negative increase 41.5%
2003 Increase 847.2 Increase 508.7 Increase 13,309.5 Increase 217.8 Increase 5,699.6 Increase 3.5% Increase 0.7% Positive decrease 19.9% Negative increase 46.4%
2004 Increase 933.1 Increase 548.4 Increase 14,358.3 Increase 255.3 Increase 6,684.7 Increase 5.0% Increase 3.5% Positive decrease 19.3% Positive decrease 45.1%
2005 Increase 990.5 Increase 585.4 Increase 15,334.6 Increase 306.3 Increase 8,023.9 Increase 3.5% Increase 2.2% Positive decrease 18.1% Negative increase 46.6%
2006 Increase 1,069.4 Increase 640.4 Increase 16,784.3 Increase 344.6 Increase 9,031.8 Increase 6.1% Increase 1.2% Positive decrease 14.2% Negative increase 47.3%
2007 Increase 1,187.5 Increase 704.2 Increase 18,470.5 Increase 429.0 Increase 11,252.9 Increase 7.1% Increase 2.5% Positive decrease 9.9% Positive decrease 44.5%
2008 Increase 1,285.6 Increase 747.8 Increase 19,620.4 Increase 533.6 Increase 13,999.5 Increase 4.2% Increase 4.3% Positive decrease 7.5% Negative increase 46.7%
2009 Increase 1,372.0 Increase 774.0 Increase 20,294.6 Decrease 439.8 Decrease 11,532.3 Increase 2.8% Increase 3.8% Negative increase 8.5% Negative increase 49.8%
2010 Increase 1,434.4 Increase 812.6 Increase 21,370.1 Increase 479.8 Increase 12,619.6 Increase 3.7% Increase 2.6% Negative increase 10.0% Negative increase 53.5%
2011 Increase 1,553.6 Increase 868.9 Increase 22,828.0 Increase 528.3 Increase 13,879.5 Increase 4.8% Increase 4.2% Positive decrease 9.9% Negative increase 54.7%
2012 Increase 1,612.7 Increase 903.8 Increase 23,745.3 Decrease 498.5 Decrease 13,096.9 Increase 1.3% Increase 3.7% Negative increase 10.4% Positive decrease 54.4%
2013 Increase 1,630.1 Increase 934.6 Increase 24,553.1 Increase 521.0 Increase 13,688.4 Increase 1.1% Increase 1.1% Negative increase 10.6% Negative increase 56.5%
2014 Increase 1,700.6 Increase 968.4 Increase 25,471.4 Increase 542.6 Increase 14,272.3 Increase 3.4% Increase 0.1% Positive decrease 9.2% Positive decrease 51.1%
2015 Increase 1,798.5 Increase 1,020.7 Increase 26,855.7 Decrease 477.5 Decrease 12,563.6 Increase 4.2% Increase -0.9% Positive decrease 7.7% Negative increase 51.3%
2016 Increase 1,853.2 Increase 1,075.3 Increase 28,321.4 Decrease 472.3 Decrease 12,438.5 Increase 3.1% Increase -0.7% Positive decrease 6.3% Negative increase 54.2%
2017 Increase 1,982.8 Increase 1,145.3 Increase 30,161.6 Increase 526.6 Increase 13,868.9 Increase 4.8% Increase 2.0% Positive decrease 5.0% Positive decrease 50.6%
2018 Increase 2,126.5 Increase 1,235.5 Increase 32,532.2 Increase 587.4 Increase 15,468.3 Increase 5.9% Increase 1.8% Positive decrease 3.9% Positive decrease 48.8%
2019 Increase 2,288.5 Increase 1,317.2 Increase 34,689.0 Increase 597.2 Increase 15,726.9 Increase 4.5% Increase 2.2% Positive decrease 3.3% Positive decrease 45.6%
2020 Increase 2,337.7 Decrease 1,303.8 Decrease 34,347.9 Increase 599.8 Increase 15,801.6 Decrease -2.0% Increase 3.4% Positive decrease 3.2% Negative increase 57.1%
2021 Increase 2,631.3 Increase 1,437.8 Increase 37,997.0 Increase 679.1 Increase 17,945.8 Increase 6.9% Negative increase 5.1% Negative increase 3.4% Positive decrease 53.8%
2022 Increase 3,078.3 Increase 1,599.0 Increase 42,465.9 Increase 716.3 Increase 19,023.2 Increase 5.1% Negative increase 14.4% Positive decrease 2.8% Positive decrease 48.7%
2023 Increase 3,499.0 Increase 1,664.2 Increase 44,249.4 Increase 753.9 Increase 20,045.2 Increase 0.5% Negative increase 14.3% Negative increase 3.2% Positive decrease 45.1%
2024 Increase 3,800.5 Increase 1,752.3 Increase 46,660.7 Increase 811.2 Increase 21,600.6 Increase 3.1% Increase 4.3% Negative increase 3.4% Negative increase 46.2%
2025 Increase 4,112.5 Increase 1,845.4 Increase 49,223.1 Increase 875.1 Increase 23,342.8 Increase 3.4% Increase 3.2% Steady 3.4% Negative increase 47.3%
2026 Increase 4,390.7 Increase 1,942.7 Increase 51,920.3 Increase 924.8 Increase 24,715.4 Increase 3.3% Increase 2.6% Steady 3.4% Negative increase 48.6%
2027 Increase 4,642.9 Increase 2,088.5 Increase 55,929.6 Increase 1,036.5 Increase 27,756.3 Increase 3.1% Increase 2.5% Steady 3.4% Positive decrease 48.3%

Labour market and wages

[edit]
See also: Unemployment in Poland
GDP (PPP) of Poland
Unemployment rate in Poland in 1997-2014
Minimum wages in Euros per month (data for former Eastern Bloc countries in Europe)

Unemployment in Poland became a major problem after the Revolutions of 1989, which collapsed communism in Poland,[note 1] although the economy previously had high levels of hidden unemployment.[citation needed] The unemployment rate then fell to 10% by the late 1990s and then increased again in the first few years of the 21st century, reaching a peak of 20% in 2002. It has since decreased, although unevenly. Since 2008 the unemployment rate in Poland has consistently been below European average.[50]

The rate fell below 8% in 2015 and[51] 3.2% in 2019[52] leading to a labour deficit.[53]

Foreign trade and FDI

[edit]

With the collapse of the ruble-based COMECON trade bloc in 1991, Poland reoriented its trade. As early as 1996, 70% of its trade was with EU members. Neighbouring Germany is Poland's main trading partner today. Poland joined the European Union in May 2004. Before that, it fostered regional integration and trade through the Central European Free Trade Agreement (CEFTA), which included Hungary, the Czech Republic, Slovakia, and Slovenia.

Poland is a founding member of the World Trade Organization.[54] As a member of the European Union, it applies the common external tariff to goods from other countries including the United States. Poland's major imports are capital goods needed for industrial retooling and for manufacturing inputs. The country's exports also include machinery but are highly diversified. The most successful exports are furniture, foods,[55] motor boats, light planes, hardwood products, casual clothing, shoes, and cosmetics.[56] Germany is by far the biggest importer of Poland's exports as of 2013.[57] In the agricultural sector, the biggest money-makers abroad include smoked and fresh fish, fine chocolate, dairy products, meats, and specialty breads,[58] with the exchange rate conducive to export growth.[59] Food exports amounted to 62 billion złoty in 2011, increasing by 17% from 2010.[60] Most Polish exports to the U.S. receive tariff benefits under the Generalised System of Preferences (GSP) program. Poland ranks in the top 20 in the world both in terms of exports[61] and imports,[62] recording a clear trade surplus.

Top 20 trading partners for Poland in 2021 (millions of EUR)[63]
Rank Country Total Trade Exports Imports
1 European Union Germany Increase 143,450 Increase 82,860 Increase 60,590
2  China Increase 45,912 Increase 3,062 Increase 42,850
3 European Union Italy Increase 27,977 Increase 13,362 Increase 14,615
4 European Union France Increase 26,214 Increase 16,532 Increase 9,682
5 European Union Czechia Increase 26,181 Increase 17,042 Increase 9,139
6  Russia Increase 24,999 Increase 7,998 Increase 17,001
7 European Union Netherlands Increase 24,502 Increase 12,518 Increase 11,984
8  United Kingdom Increase 18,954 Increase 14,402 Decrease 4,552
9  United States Increase 16,543 Increase 7,626 Increase 8,917
10 European Union Belgium Increase 14,273 Increase 7,133 Increase 7,140
11 European Union Spain Increase 13,575 Increase 7,285 Increase 6,290
12 European Union Slovakia Increase 12,849 Increase 7,398 Increase 5,451
13 European Union Sweden Increase 12,841 Increase 8,036 Increase 4,805
14 European Union Hungary Increase 11,591 Increase 7,189 Increase 4,402
15 European Union Austria Increase 11,053 Increase 6,499 Increase 4,554
16  Ukraine Increase 10,517 Increase 6,270 Increase 4,247
17 European Union Romania Increase 8,771 Increase 5,992 Increase 2,779
18  Turkey Increase 7,906 Increase 2,648 Increase 5,258
19 European Union Denmark Increase 7,615 Increase 4,706 Increase 2,909
20  South Korea Increase 7,310 Increase 774 Increase 6,536

Poland is less dependent on external trade than most other Central and Eastern European countries, but its volume of trade with Europe is still substantial. In 2011 the volume of trade (exports plus imports) with the Eurozone as share of GDP was 40%, a doubling from the mid 1990s. 30% of Poland's exports are to Germany and another 30% to the rest of Europe. There has been substantial increase in Poland's exports to Russia.[64] However, in August 2014, exports of fruits and vegetables to Russia fell dramatically following its politically motivated ban by Moscow.[65]

Foreign direct investment (FDI) was at 40% of GDP in 2010, a doubling over the level in 2000. Most FDI into Poland comes from France, Germany, and the Netherlands. Polish firms in turn have foreign investments primarily in Italy and Luxembourg. Most of the internal FDI is in manufacturing, which makes it susceptible to economic fluctuations in the source countries.[64]

The UAE is Poland's largest trading partner in the Arab world.[66]

The government offers investors various forms of state aid, such as CIT tax at the level of 19% and investment incentives in 14 Special Economic Zones (among others: income tax exemption, real estate tax exemption, competitive land prices), several industrial and technology parks, the possibility to benefit from the EU structural funds, brownfield and greenfield locations. According to the National Bank of Poland (NBP), the level of FDI inflow into Poland in 2006 amounted to €13.9 billion.

According to an Ernst & Young report, Poland ranks 7th in the world in terms of investment attractiveness. However, Ernst & Young's 2010 European attractiveness survey reported that Poland saw a 52% decrease in FDI job creation and a 42% decrease in number of FDI projects since 2008.[67] According to an OECD report, in 2004 Poland was one of the hardest-working nations in Europe. In 2010, the World Economic Forum ranked Poland near the bottom of OECD countries in terms of the clarity, efficiency, and neutrality of the legal framework used by firms to settle disputes.[68]

Sectors

[edit]

As of 2024, the Polish economy is dominated by the services sector, with 615,647 registered companies, followed by 329,255 companies in finance, insurance, and real estate and 176,149 companies in retail trade.[69]

Production industries

[edit]
See also: Automotive industry in Poland
The Warsaw Stock Exchange is the largest stock exchange in Eastern and Central Europe
Orlen is among the largest companies in Europe
The Port of Gdynia is one of Poland's principal seaports
Main Square in Kraków
Head office of the Financial Supervision Authority in Warsaw
Polish Development Fund, established in April 2016

Before World War II, Poland's industrial base was concentrated in the coal, textile, chemical, machinery, iron, and steel sectors. Today it extends to fertilizers, petrochemicals, machine tools, electrical machinery, electronics, car manufacturing, and shipbuilding.

Poland's industrial base suffered greatly during World War II, and many resources were directed toward reconstruction. The socialist economic system imposed in the late 1940s created large and unwieldy economic structures[70] operated under a tight central command. In part because of this systemic rigidity, the economy performed poorly even in comparison with other economies in Central Europe.[70]

In 1990, the Tadeusz Mazowiecki government began a comprehensive reform programme to replace the centralised command economy with a market-oriented system. While the results overall have been impressive, many large state-owned industrial enterprises, particularly the rail, mining, steel, and defence sectors, have remained resistant to change and the downsizing required to survive in a market-based economy.[70]

Energy

[edit]
Main article: Energy in Poland

Pharmaceuticals

[edit]

The pharmaceutical market is worth 50 billion PLN as of 2023, an increase of 9.5% over the previous year.[71]

The non-prescription medicine market, which accounts for about one-third of the total market value, was worth PLN 7.5bn in 2008. This value includes drugs and non-drugs such as dietary supplements, cosmetics, dressings, dental materials, diagnostic tests, and medical devices. The prescription medicines market was worth PLN 15.8bn.[72]

Mining

[edit]

As of 2023, the country was the world's 3rd largest producer of rhenium,[73] 5th largest producer of silver,[74] the 13th largest producer of copper,[75] the 14th largest producer of sulfur,[76]and the 14th largest producer of salt.[77]

Agriculture

[edit]
Main article: Agriculture in Poland

Agriculture employs 8.2% of the workforce but contributes 3.8% to GDP, reflecting relatively low productivity. Unlike the industrial sector, Poland's agricultural sector remained largely in private hands during the Polish People's Republic. Most of the former state farms are now leased to farmer tenants. Lack of credit is hampering efforts to sell former state farmland. Currently, Poland's 2 million private farms occupy 90% of all farmland and account for roughly the same percentage of total agricultural production. Farms are small—8 hectares on average—and often fragmented. Farms with an area exceeding 15 ha accounted for 9% of the total number of farms but cover 45% of total agricultural area. Over half of all farm households in Poland produce only for their own needs with little, if any, commercial sales.

Poland is a net exporter of processed fruit and vegetables, meat, and dairy products. Processors often rely on imports to supplement domestic supplies of wheat, feed grains, vegetable oil, and protein meals, which are generally insufficient to meet domestic demand. However, Poland is the leading EU producer of potatoes and rye and is one of the world's largest producers of sugar beets and triticale. Poland is also a significant producer of rapeseed, grains, hogs, and cattle. Poland is the sixth-largest producer and exporter of apples in the entire world.[78]

Tourism

[edit]
Main article: Tourism in Poland

After acceding to the EU in 2004, tourism grew in Poland. Most tourist attractions in Poland are connected with natural environment, historic sites, and cultural events. They draw millions of tourists every year from all around the world. According to Tourist Institute's data, Poland was visited by 15.7 million tourists in 2006, and by 15 million tourists in 2007,[79] out of the total number of 66.2 million foreign visitors.[80] In 2016 the number of arrivals to Poland amounted to 80.5 million. 17.5 million of this number are arrivals considered for tourism purposes (with at least one night's stay), making it the 16th most visited country in the world.[81] The most popular cities are Kraków, Warsaw, Gdańsk, Wrocław, Łódź, Poznań, Szczecin, Lublin, Toruń, Sopot, Zakopane, and the Wieliczka Salt Mine. The best recreational destinations include Poland's Masurian Lake District, Baltic Sea coast, Tatra Mountains (the highest mountain range of the Carpathians), Sudetes, and Białowieża Forest. Poland's main tourist offers consist of sightseeing within cities and out-of-town historical monuments, business trips, qualified tourism, agrotourism, mountain hiking (trekking), and climbing among others.

Financial sector

[edit]

The Polish banking sector is regulated by the Polish Financial Supervision Authority (PFSA).

While transforming the country to a market-oriented economy during 1992–97, the government privatized some banks, recapitalized the rest, and introduced legal reforms that made the sector competitive. These reforms, and the health and relative stability of the sector, attracted a number of strategic foreign investors. At the beginning of 2009, Poland's banking sector had 51 domestic banks, a network of 578 cooperative banks and 18 branches of foreign-owned banks. In addition, foreign investors had controlling stakes in nearly 40 commercial banks, which made up 68% of the banking capital.[82] Banks in Poland reacted to the financial crisis of 2009 by restraining lending, raising interest rates, and strengthening balance sheets. Subsequently, the sector started lending again, with an increase of more than 4% expected in 2011.

Venture capital

[edit]
See also: Venture capital in Poland

The segment of the private equity market that finances early-stage high-risk companies, with the potential for fast growth, had 130 active firms in Poland (as of March 2019). Between 2009 and 2019, these entities have invested locally in over 750 companies, an average of 9 companies per portfolio. Since 2016, new legal institutions have been established for entities investing in enterprises in the seed or startup phase. In 2018, venture capital funds invested €178 million in Polish startups (0.033% of GDP). As of March 2019, total assets managed by VC companies operating in Poland are estimated at €2.6 billion. The total value of investments of the Polish VC market is €209.2 million.[83]

Transportation

[edit]
PKP Intercity ED250 Pendolino at Wrocław Main Station

Poland is served by an extensive network of railways. In most cities, the main railway station is located near a city centre and is well connected to the local transportation system. The infrastructure is operated by Polish State Railways, part of state-run PKP Group. The rail network is very dense in western and northern Poland, while the eastern part of the country is less developed. The capital city, Warsaw, has the country's only rapid transit system: the Warsaw Metro.

Poland's busiest airport is Warsaw Chopin Airport. Warsaw Chopin serves as the main international hub for Poland's flag carrier LOT Polish Airlines. In addition to Warsaw Chopin, Wrocław, Gdańsk, Katowice, Kraków, and Poznań all have international airports. In preparation for the Euro 2012 football championships jointly hosted by Poland and Ukraine, a number of airports around the country were renovated and redeveloped. This included the building of new terminals with an increased number of jetways and stands at both Wrocław Airport in Wrocław and Lech Wałęsa Airport in Gdańsk.

Poland has 412,264 km (256,170 mi) of public roads. Polish public roads are categorised by administrative division, which include national roads, voivodeship roads, Powiat roads, and Gmina roads. Motorways and expressways are part of the national road network. As of September 2024, there are 5,173.4 km of motorways and expressways in use.[84]

Major companies in Poland

[edit]
See also: List of companies of Poland and List of largest Polish companies

Selection of major Polish companies including from the list of 500 largest companies in Poland compiled by magazine Polityka:[85]

Currency

[edit]
Main articles: Polish zloty and Poland and the euro

Budget and debt

[edit]
Public debt level of Poland in % of GDP

The public and private debt levels of Poland are below the European average (2017).

GDP growth in Poland

[edit]

Recent GDP growth (comparing to the same quarter of previous year):[86]

Year Q1 Q2 Q3 Q4 Overall
2023 -0.3% -0.06% 0.4% 1.4% 0.2%
2022 8.5% 5.5% 3.5% 2.5% 4.9%
2021 -0.9% 11.1% 5.8% 7.3% 5.9%
2020 2.0% -8.3% -1.7% -2.7% -2.2%
2019 5.5% 5.4% 4.6% 3.7% 4.8%
2018 5.2% 5.3% 5.2% 4.9% 5.2%
2017 4.6% 4.3% 5.5% 5.1% 4.9%
2016 3.1% 3.4% 2.8% 2.8% 3.0%
2015 3.8% 3.3% 3.6% 4.6% 3.8%
2014 3.1% 3.3% 3.4% 3.3% 3.3%
2013 0.1% 0.6% 1.9% 2.7% 1.3%
2012 3.3% 2.3% 1.0% 0.2% 1.7%
2011 4.9% 4.8% 5.0% 5.3% 5.0%
2010 2.1% 3.6% 4.0% 4.8% 3.6%
2009 1.5% 1.9% 2.7% 4.2% 2.6%
2008 5.5% 4.9% 3.7% 1.9% 4.0%
2007 7.7% 7.3% 6.9% 6.9% 7.2%
2006 5.6% 6.3% 6.5% 6.3% 6.2%
2005 2.2% 2.8% 4.3% 4.8% 3.5%
2004 7.0% 5.7% 4.6% 3.6% 5.2%
2003 1.8% 3.6% 4.0% 4.6% 3.5%
2002 0.6% 0.9% 1.9% 2.2% 1.4%
2001 2.4% 1.2% 1.0% 0.5% 1.3%
2000 6.1% 5.4% 3.3% 2.7% 4.4%
1999 2.2% 3.5% 5.4% 6.6% 4.4%
1998 6.6% 5.4% 5.0% 3.2% 5.1%
1997 7.1% 7.7% 7.0% 6.6% 7.1%
1996 3.5% 5.7% 7.4% 8.1% 6.2%

Location

[edit]

Poland has an excellent location for transporting locally made components or products to the rest of Europe. For example, when moving production from China, the new factory in Poland can move their goods in 24 hours to the most populated parts of Europe, and in 48 hours to all of Europe.[87]

Potential of the Polish economy in the EU

[edit]

Poland, measured by the purchasing power parity index, is the sixth-largest economy in the European Union and the eighth-largest economy in Europe, slightly ahead of the Netherlands.

Poland recorded GDP growth even during the 2008–09 financial crisis.[88] The unemployment rate in the country remains very low and amounted to 5% in September 2023.[89]

Although the Polish economy is catching up with the countries of Western Europe, this process is progressing slowly. So far, taking into account the level of social development, Poland has managed to overtake Portugal. There is a great deal of variation between regions. Masovian Voivodeship is on a similar level to the richest regions of Spain and most regions of France (82% of the EU average). However, it should be remembered that the GDP of this voivodeship is mainly generated by Warsaw. Lower Silesian Voivodeship with a GDP of $16,000 is on par with Portugal and the regions of Spain and Greece. Subsequent voivodeships reached about 50% of the EU average, and the poorest voivodships of the eastern wall have GDP per capita comparable to Romania and Bulgaria.

Polish capital has several large concerns in this region of Europe, i.e. PKN Orlen, which has its stations in Germany and Lithuania, Polsat, which also invests in Lithuania, the ITI Group. Poland has a highly developed road network, most of the A1, A2, A4 highways and expressways, including S6 and S7, are fully completed. The next ones are to be ready by 2023. Their construction by private companies is financed in part by the EU. In the coming years, Poland is to receive approximately EUR 4.5 billion for the modernisation of railways.

Poland is one of the key immigration destinations in the EU, having attracted more non-EU immigrants, already in 2021 mostly from Ukraine, than any other EU country for a few consecutive years.[90]

International rankings

[edit]
World map
World map representing Human Development Index categories (based on 2019 data, published in 2020)
  Very high (≥ 0.800)
  High (0.700–0.799)
  Medium (0.550–0.699)
  Low (≤ 0.549)
  Data unavailable

See also

[edit]

Notes

[edit]
  1. ^ the first year after communism fell had relatively moderate unemployment, staying beneath 10%. Afterwards, unemployment rates began rising and in the years following, unemployment reached high levels, peaking at 20% in 2003. Also, according to the Polish Monthly Labor Review, "During the early stages of the transition [away from communism], registered unemployment increased, peaking at 16.4 percent in 1993 and then decreasing to 10.5 percent in 1998, when the economy improved."[47][48][page needed][49]

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