Economy of Poland
 
|
|
| Currency | 1 złoty (PLN) = 100 groszy |
|---|---|
| Calendar year | |
|
Trade organisations
|
EU, WTO and OECD |
| Statistics | |
| GDP |
 $1.114 trillion (PPP, 2017 est.) |
| GDP rank | 24th (PPP, 2017 est.) |
|
GDP growth
|
3.3% (2017) |
|
GDP per capita
|
$27,700 (PPP, 2016 est.) |
|
GDP by sector
|
agriculture: 3.5%; industry: 34.2%; services: 62.3% (2012) |
| 0.7% (CPI, 2014) | |
| 31.1 (2010) | |
|
Labour force
|
17.92 million (2012) |
|
Labour force by occupation
|
agriculture: 11.5%; industry: 30.4%; services: 57.8% (2015) |
| Unemployment |
 5.4% (Eurostat, January 2017) |
|
Average gross salary
|
€975.96/$1,320, monthly (2014) |
|
Main industries
|
machine building, iron and steel, mining coal, chemicals, ship building, food processing, glass |
|
24th (DB 2017 Rank) |
|
| External | |
| Exports |
€152.78 billion (2013) |
|
Export goods
|
machinery and transport equipment 37.8%, intermediate manufactured goods 23.7%, miscellaneous manufactured articles 17.1%, food and live animals 7.6% (2011) |
|
Main export partners
|
 Germany 27.1% United Kingdom 6.8% Czech Republic 6.6% France 5.5% Italy 4.8% Netherlands 4.4% (2015) |
| Imports |
€155.09 billion (2013) |
|
Import goods
|
machinery and transport equipment 38.8%, intermediate manufactured goods 21.0%, chemicals 15.0%, minerals, fuels, lubricants and related materials 12.6%, miscellaneous manufactured articles 9.0% (2011) |
|
Main import partners
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Germany 27.6%, China 7.5% Russia 7.2% Netherlands 5.9% Italy 5.2% France 4.1% (2015) |
|
FDI stock
|
 $194.9 (31 December 2012 est.) |
|
Gross external debt
|
$326 billion (20 January 2014) |
| Public finances | |
|
47.1% of GDP (20 January 2014) |
|
| Revenues | $89.47 billion (2012 est.) |
| Expenses | $99.54 billion (2012 est.) |
| Economic aid | $137 billion EU structural funds (2007–13) $142 billion EU structural funds (2014–20) |
|
A (Domestic) |
|
|
Foreign reserves
|
US$97.93 billion (31 December 2012 est.) |
467 billion (nominal, 2015)
A (Domestic)
A- (Foreign)
A+ (T&C Assessment)
(Standard & Poor's)
The economy of Poland is the sixth largest economy in the European Union, and the largest among the former Eastern Bloc members of the European Union. Since 1990 Poland has pursued a policy of economic liberalization and its economy was the only one in the EU to avoid a recession through the 2008-2009 economic downturn. Before the late-2000s recession, its economy grew at a yearly rate of over 6.0%.
Poland is ranked 20th worldwide in terms of GDP and classified as high-income economy by World Bank. The largest component of its economy is the service sector (62.3.%), followed by industry (34.2%) and agriculture (3.5%). With the economic reform of 1989 the Polish external debt increased from $42.2 billion in 1989 to $365.2 billion in 2014. Poland shipped US$198.2 billion worth of goods around the globe in 2015, up by 5.4% since 2011 and down 7.6% from 2014 to 2015. The top Polish exports include machinery, electronic equipment, vehicles, furniture, and plastics.
According to the Central Statistical Office of Poland, in 2010 the Polish economic growth rate was 3.9%, which was one of the best results in Europe. In 2014 its economy grew by 3.3% and in 2015 by 3.6%. Although in 2016 economic growth sharply slowed, government stimulus measures combined with a tighter labour market in late 2016 kick-started new growth.
Poland has seen the largest increase in GDP per capita (more than 100%) both among the former Soviet-bloc countries, and compared to the EU-15 (around 45%). It has had uninterrupted economic growth since 1992, even after the 2007 financial crisis.
This article discusses the economy of the current Poland, post-1989. For historical overview of past Polish economies, see:
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 has encouraged the development of the private business sector, which has been the main drive for Poland's economic growth. The agricultural sector remains handicapped by structural problems, surplus labor, inefficient small farms, and a lack of investment. Restructuring and privatization of "sensitive sectors" (e.g. coal), has also been slow, but recent foreign investments in energy and steel have begun to turn the tide. Recent reforms in health care, education, the pension system, and state administration have resulted in larger than expected fiscal pressures. Improving this account deficit and tightening monetary policy, with 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.
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