| People | Poland |
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Economy - overview:
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Poland has pursued a policy of economic liberalization since 1990 and today stands out as a success story among transition economies. In 2007, GDP grew an estimated 6.5%, based on rising private consumption, a jump in corporate investment, and EU funds inflows. GDP per capita is still much below the EU average, but is similar to that of the three Baltic states. Since 2004, EU membership and access to EU structural funds have provided a major boost to the economy. Unemployment is falling rapidly, though at roughly 12.8% in 2007, it remains well above the EU average. Tightening labor markets, and rising global energy and food prices, pose a risk to consumer price stability. In December 2007 inflation reached 4.1% on a year-over-year basis, or higher than the upper limit of the National Bank of Poland's target range. Poland's economic performance could improve further if the country addresses some of the remaining deficiencies in its business environment. An inefficient commercial court system, a rigid labor code, bureaucratic red tape, and persistent low-level corruption keep the private sector from performing up to its full potential. Rising demands to fund health care, education, and the state pension system present a challenge to the Polish government's effort to hold the consolidated public sector budget deficit under 3.0% of GDP, a target which was achieved in 2007. The PO/PSL coalition government which came to power in November 2007 plans to further reduce the budget deficit with the aim of eventually adopting the euro. The new government has also announced its intention to enact business-friendly reforms, reduce public sector spending growth, lower taxes, and accelerate privatization. However, the government does not have the necessary two-thirds majority needed to override a presidential veto, and thus may have to water down initiatives in order to garner enough support to pass its pro-business policies. |
GDP (purchasing power parity):
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$624.6 billion (2007 est.) |
GDP (official exchange rate):
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$413.3 billion (2007 est.) |
GDP - real growth rate:
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6.5% (2007 est.) |
GDP - per capita (PPP):
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$16,200 (2007 est.) |
GDP - composition by sector:
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agriculture: 4.1%
industry: 31.9%
services: 64% (2007 est.) |
Investment (gross fixed):
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21.8% of GDP (2007 est.) |
Population below poverty line:
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17% (2003 est.) |
Household income or consumption by percentage share:
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lowest 10%: 3.1%
highest 10%: 27% (2002) |
Distribution of family income - Gini index:
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36 (2005) |
Inflation rate (consumer prices):
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4.1% (December 2007 est.) |
Labor force:
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17.01 million (2007 est.) |
Labor force participation rate:
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44.18 % of population |
Labor force - by occupation:
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agriculture: 16.1%
industry: 29%
services: 54.9% (2002) |
Unemployment rate:
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12.8% (2007 est.) |
Budget:
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revenues: $80.53 billion
expenditures: $88.7 billion (2007 est.) |
Budget revenues per capita:
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2,092 USD per capita |
Public debt:
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44.5% of GDP (2007 est.) |
Industries:
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machine building, iron and steel, coal mining, chemicals, shipbuilding, food processing, glass, beverages, textiles |
Industrial production growth rate:
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10% (2007 est.) |
Electricity - production:
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146.2 billion kWh (2005) |
Electricity - production per capita:
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3,798 kWh per capita |
Electricity - consumption:
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120.4 billion kWh (2005) |
Electricity - consumption - per capita:
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3,128 kWh per capita |
Electricity - exports:
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16.19 billion kWh (2005) |
Electricity - imports:
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5.002 billion kWh (2005) |
Oil - production:
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32,800 bbl/day (2005 est.) |
Oil - production per capita:
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852 bbl/day per capita |
Oil - consumption:
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462,700 bbl/day (2005 est.) |
Oil - consumption - per capita:
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4.39 bbl/year per capita |
Oil - exports:
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51,780 bbl/day (2004) |
Oil - imports:
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480,300 bbl/day (2004) |
Oil - proved reserves:
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96.38 million bbl (1 January 2006 est.) |
Natural gas - production:
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5.828 billion cu m (2005) |
Natural gas - production per capita:
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152 cu m per capita |
Natural gas - consumption:
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15.58 billion cu m (2005 est.) |
Natural gas - consumption - per capita:
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405 cu m per capita |
Natural gas - exports:
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42.2 million cu m (2005 est.) |
Natural gas - imports:
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10.01 billion cu m (2005) |
Natural gas - proved reserves:
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158.1 billion cu m (1 January 2006 est.) |
Agriculture - products:
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potatoes, fruits, vegetables, wheat; poultry, eggs, pork, dairy |
Current account balance:
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-$18.13 billion (2007 est.) |
Current account balance - per capita:
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-470 USD per capita |
Exports:
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$137.9 billion f.o.b. (2007 est.) |
Exports per capita:
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3,582 USD per capita |
Exports - commodities:
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machinery and transport equipment 37.8%, intermediate manufactured goods 23.7%, miscellaneous manufactured goods 17.1%, food and live animals 7.6% (2003) |
Exports - partners:
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Germany 27.2%, Italy 6.6%, France 6.2%, UK 5.7%, Czech Republic 5.6%, Russia 4.3% (2006) |
Imports:
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$150.7 billion f.o.b. (2007 est.) |
Imports per capita:
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3,915 USD per capita |
Imports - commodities:
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machinery and transport equipment 38%, intermediate manufactured goods 21%, chemicals 14.8%, minerals, fuels, lubricants, and related materials 9.1% (2003) |
Imports - partners:
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Germany 29%, Russia 9.6%, Italy 6.4%, Netherlands 5.7%, France 5.4% (2006) |
Reserves of foreign exchange and gold:
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$61.46 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
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1,597 USD per capita |
Debt - external:
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$187.8 billion (30 June 2007) |
Debt - external - per capita:
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4,878 USD per capita |
Stock of direct foreign investment - at home:
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$104.2 billion (2006 est.) |
Stock of direct foreign investment - abroad:
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$10.68 billion (2006 est.) |
Market value of publicly traded shares:
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$149.1 billion (2006) |
Economic aid - donor:
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void |
Economic aid - recipient:
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$1.524 billion in available EU structural adjustment and cohesion funds (2004) |
Economic aid - recipient per capita:
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40 USD per capita |
Currency (code):
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zloty (PLN) |
Exchange rates:
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zlotych per US dollar - 2.81 (2007), 3.1032 (2006), 3.2355 (2005), 3.6576 (2004), 3.8891 (2003)
note: zlotych is the plural form of zloty |
Fiscal year:
|
calendar year |
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