| Economy | 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. It is the only country in the European Union to avoid a recession through the 2008-2009 economic downturn, although GDP per capita is still much below the EU average. Since 2004, EU membership and access to EU structural funds have provided a major boost to the economy. Unemployment fell rapidly to 6.4% in October 2008, but climbed back to more than 12% during 2010-11, exceeding the EU average by more than 2%. Inflation reached a low of about 2.6% in 2010 due to the global economic slowdown but has since climbed and is expected to remain around 4%, and above the upper limit of the National Bank of Poland's target rate. Poland's economic performance could improve over the longer term if the country addresses some of the remaining deficiencies in its road and rail infrastructure and its business environment. An inefficient commercial court system, a rigid labor code, bureaucratic red tape, burdensome tax system, 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 and weak revenues caused the public sector budget deficit to rise to 7.8% of GDP in 2010, but measures to shore up public finances, including increasing contributions to the public pension scheme at the expense of private pension funds, by the PO/PSL coalition government, which came to power in November 2007, reduced the deficit to 2.6% of GDP in 2011. The coalition government has moved slowly on enacting business-friendly reforms, increasing workforce participation, reducing public sector spending growth, lowering taxes, and privatizing industry. |
GDP (purchasing power parity):
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$765.6 billion (2011 est.)
$737.5 billion (2010 est.)
$710.5 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$20,100 (2011 est.)
$19,400 (2010 est.)
$18,600 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$531.8 billion (2011 est.) |
GDP - real growth rate:
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3.8% (2011 est.)
3.8% (2010 est.)
1.6% (2009 est.) |
GDP - composition by sector:
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agriculture: 3.4%
industry: 33.6%
services: 63% (2011 est.) |
Investment (gross fixed):
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21.1% of GDP (2011 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%: 3.2%
highest 10%: 27.2% (2008) |
Distribution of family income - Gini index:
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34.2 (2008)
31.6 (1998) |
Inflation rate (consumer prices):
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4% (2011 est.)
2.6% (2010 est.) |
Central bank discount rate:
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4% (31 December 2010 est.)
3.5% (31 December 2009 est.) |
Commercial bank prime lending rate:
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8.2% (31 December 2011 est.)
8.367% (31 December 2010 est.) |
Stock of money:
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$118.2 billion (31 December 2008)
$137.4 billion (31 December 2007) |
Stock of money - per capita:
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3,075 USD per capita |
Stock of quasi money:
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$109 billion (31 December 2008)
$93.98 billion (31 December 2007) |
Stock of quasi money - per capita:
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2,836 USD per capita |
Stock of domestic credit:
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$340.5 billion (31 December 2011 est.)
$303.1 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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8,858 USD per capita |
Stock of narrow money:
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$167.1 billion (31 December 2011 est.)
$151.5 billion (31 December 2010 est.) |
Stock of broad money:
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$289.9 billion (31 December 2011 est.)
$261.3 billion (31 December 2010 est.) |
Labor force:
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17.93 million (2011 est.) |
Labor force participation rate:
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46.64 % of population |
Labor force - by occupation:
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agriculture: 17.4%
industry: 29.2%
services: 53.4% (2005) |
Unemployment rate:
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12% (2011 est.)
12.1% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 20.7%
male: 20.2%
female: 21.2% (2009) |
Budget:
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revenues: $96.44 billion
expenditures: $110.3 billion (2011 est.) |
Budget revenues per capita:
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2,509 USD per capita |
Taxes and other revenues:
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18.1% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-2.6% of GDP (2011 est.) |
Public debt:
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56.7% of GDP (2011 est.)
54.9% of GDP (2010 est.)
note: data cover general Government Gross Debt, and includes debt instruments issued (or owned) by Government entities, including sub-sectors of central government, state government, and social security funds. |
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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7% (2011 est.) |
Electricity - production:
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141.8 billion kWh (2009 est.) |
Electricity - production per capita:
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3,689 kWh per capita |
Electricity - consumption:
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132.2 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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3,439 kWh per capita |
Electricity - exports:
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9.594 billion kWh (2009) |
Electricity - imports:
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2.191 billion kWh (2009 est.) |
Oil - production:
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28,230 bbl/day (2010 est.) |
Oil - production per capita:
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735 bbl/day per capita |
Oil - consumption:
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564,500 bbl/day (2010 est.) |
Oil - consumption - per capita:
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5.36 bbl/year per capita |
Oil - exports:
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50,400 bbl/day (2009 est.) |
Oil - imports:
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531,300 bbl/day (2009 est.) |
Oil - proved reserves:
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96.38 million bbl (1 January 2010 est.) |
Natural gas - production:
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6.084 billion cu m (2010 est.) |
Natural gas - production per capita:
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159 cu m per capita |
Natural gas - consumption:
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17.2 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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448 cu m per capita |
Natural gas - exports:
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47 million cu m (2010 est.) |
Natural gas - imports:
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10.89 billion cu m (2010 est.) |
Natural gas - proved reserves:
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164.8 billion cu m (1 January 2011 est.) |
Agriculture - products:
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potatoes, fruits, vegetables, wheat; poultry, eggs, pork, dairy |
Current account balance:
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-$29.96 billion (2011 est.)
-$20.98 billion (2010 est.) |
Current account balance - per capita:
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-779 USD per capita |
Exports:
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$197.1 billion (2011 est.)
$162.3 billion (2010 est.) |
Exports per capita:
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5,128 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% |
Exports - partners:
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Germany 26.9%, France 7.1%, UK 6.4%, Italy 6.3%, Czech Republic 6.2%, Netherlands 4.3%, Russia 4.1% (2010) |
Imports:
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$217.9 billion (2011 est.)
$173.7 billion (2010 est.) |
Imports per capita:
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5,669 USD per capita |
Imports - commodities:
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machinery and transport equipment 38%, intermediate manufactured goods 21%, chemicals 15%, minerals, fuels, lubricants, and related materials 9% |
Imports - partners:
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Germany 29.1%, Russia 8.8%, Netherlands 6%, Italy 5.8%, China 5.6%, France 4.5%, Czech Republic 4.2% (2010) |
Reserves of foreign exchange and gold:
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$116.9 billion (31 December 2011 est.)
$93.49 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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3,041 USD per capita |
Debt - external:
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$306.9 billion (31 December 2011 est.)
$272.2 billion (31 December 2010 est.) |
Debt - external - per capita:
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7,984 USD per capita |
Stock of direct foreign investment - at home:
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$205.1 billion (31 December 2011 est.)
$193.1 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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5,336 USD per capita |
Stock of direct foreign investment - abroad:
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$43.34 billion (31 December 2011 est.)
$36.84 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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1,128 USD per capita |
Market value of publicly traded shares:
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$190.2 billion (31 December 2010)
$135.3 billion (31 December 2009)
$90.23 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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4,948 USD per capita |
Currency (code):
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zloty (PLN) |
Exchange rates:
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zlotych (PLN) per US dollar -
2.834 (2011 est.)
3.0171 (2010 est.)
3.1214 (2009)
2.3 (2008)
2.81 (2007) |
Fiscal year:
|
calendar year |
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