Polish Economy
Economy - overview: Poland has pursued a policy of economic liberalization since 1990 and Poland's economy was the only one in the EU to avoid a recession through the 2008-09 economic downturn. Although EU membership and access to EU structural funds have provided a major boost to the economy since 2004, GDP per capita remains significantly below the EU average. The unemployment rate is now below the EU average. The government of Prime Minister Donald TUSK steered the Polish economy through the economic downturn by skillfully managing public finances and adopting controversial pension and tax reforms to further shore up public finances. While the Polish economy has performed well over the past five years, growth slowed in 2013 and picked back up in 2014. Short-term, the key policy challenge will be to consolidate debt and spending without stifling economic growth. Over the longer term, Poland's economic performance could improve if the country addresses 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. Poland’s long-term challenges include diversifying Poland’s energy mix and sources of supply, as well as stemming the outflow of educated young Poles to other EU Member States, especially in light of a coming demographic contraction as the Solidarity-era baby boom generation ages.
GDP (purchasing power parity): $954.5 billion (2014 est.)
GDP (official exchange rate): $546.6 billion (2014 est.)
GDP - real growth rate: 3.3% (2014 est.)
GDP - per capita (PPP): $25,100 (2014 est.)
GDP - composition by sector: agriculture: 3.7%
industry: 32%
services: 64.3% (2014 est.)
Labor force: 18.26 million (2014 est.)
Labor force - by occupation: agriculture: 12.9%
industry: 30.2%
services: 57% (2010)
Unemployment rate: 8.2% (2014 est.)
Household income or consumption by percentage share: lowest 10%: 3.3%
highest 10%: 27.1% (2009 est.)
Investment (gross fixed): 20.7% of GDP (2009 est.)
Budget: revenues: $92.96 billion
expenditures: $101.5 billion (2014 est.)
Public debt: 45.6% of GDP (2014 est.)
Inflation rate (consumer prices): 0% (2014 est.)
Central bank discount rate: 4.25% (31 December 2012)
Commercial bank prime lending rate: 6.3% (31 December 2014 est.)
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: -8% (2009 est.)
Electricity - production: 150.9 billion kWh (2012 est.)
Electricity - consumption: 137.5 billion kWh (2011 est.)
Electricity - exports: 12.32 billion kWh (2013)
Electricity - imports: 7.8 billion kWh (2013 est.)
Oil - production: 25,220 bbl/day (2013 est.)
Oil - consumption: 544,800 bbl/day (2008 est.)
Oil - exports: 4,269 bbl/day (2012 est.)
Oil - imports: 489,700 bbl/day (2012 est.)
Oil - proved reserves: 156.5 million bbl (1 January 2010 est.)
Natural gas - production: 6.206 billion cu m (2013 est.)
Natural gas - consumption: 18.23 billion cu m (2013 est.)
Natural gas - exports: 94 million cu m (2013 est.)
Natural gas - imports: 12.47 billion cu m (2013 est.)
Natural gas - proved reserves: 92 billion cu m (1 January 2014 est.)
Current account balance: -$6.675 billion (2014 est.)
Exports: $218.9 billion (2014 est.)
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.)
Exports - partners: Germany 27.1%, UK 6.6%, Czech Republic 6.6%, France 5.8%, Italy 4.7%, Netherlands 4.3%, Russia 4.2% (2014)
Imports: $217 billion (2014 est.)
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 28%, Russia 9.1%, China 6.5%, Netherlands 5.9%, Italy 5.5%, France 4.2%, Czech Republic 4.2% (2014)
Reserves of foreign exchange and gold: $105.7 billion (31 December 2014 est.)
Debt - external: $395.2 billion (31 December 2014 est.)
Stock of direct foreign investment - at home: $273.7 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad: $69.72 billion (31 December 2014 est.)
Exchange rates: zlotych (PLN) per US dollar - 3.139 (2014 est.), 3.1606 (2013 est.), 3.26 (2012 est.), 2.9639 (2011 est.), 3.0153 (2010 est.)
economic climate  
Background: As a 'transition' economy there is still high unemployment, as previously state owned enterprises are restructured, but the basic fundamentals are sound.
Export opportunities:  
Update: This page was last updated on 10 November 2015
Sources: 1. CIA, The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
2. http://www.austrade.gov.au
3. DIBNC Experts Team