| 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. In 2008, GDP grew an estimated 5.3%, 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 9.7% in 2008, it remains above the EU average. In 2008 inflation reached 4.3%, more than the upper limit of the National Bank of Poland's target range, but has been falling due to global economic slowdown. 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 2007-08. 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 by 2012. The new government has also announced its intention to enact business-friendly reforms, reduce public sector spending growth, lower taxes, and accelerate privatization. The government, however, has moved slowly on major reforms. Pension and health-care bills passed through the legislature, but the legislature failed to overturn a presidential veto. |
GDP (purchasing power parity):
|
$667.4 billion (2008 est.)
$636.9 billion (2007)
$596.9 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$17,300 (2008 est.)
$16,500 (2007 est.)
$15,500 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$567.4 billion (2008 est.) |
GDP - real growth rate:
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4.8% (2008 est.)
6.7% (2007 est.)
6.2% (2006 est.) |
GDP - composition by sector:
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agriculture: 4%
industry: 31.3%
services: 64.7% (2008 est.) |
Investment (gross fixed):
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22.7% of GDP (2008 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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34.9 (2005) |
Inflation rate (consumer prices):
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4.3% (2008 est.) |
Central bank discount rate:
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5% (31 December 2007) |
Commercial bank prime lending rate:
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5.48% (31 December 2006) |
Stock of money:
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$137.4 billion (31 December 2007) |
Stock of money - per capita:
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3,571 USD per capita |
Stock of quasi money:
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$93.99 billion (31 December 2007) |
Stock of quasi money - per capita:
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2,443 USD per capita |
Stock of domestic credit:
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$223.2 billion (31 December 2007) |
Stock of domestic credit - per capita:
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5,800 USD per capita |
Labor force:
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16.95 million (2008 est.) |
Labor force participation rate:
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44.05 % 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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9.7% (2008 est.) |
Budget:
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revenues: $117 billion
expenditures: $127.3 billion (2008 est.) |
Budget revenues per capita:
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3,041 USD per capita |
Public debt:
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41.6% of GDP (2008 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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6% (2008 est.) |
Electricity - production:
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149.3 billion kWh (2007 est.) |
Electricity - production per capita:
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3,880 kWh per capita |
Electricity - consumption:
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126.2 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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3,280 kWh per capita |
Electricity - exports:
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13.11 billion kWh (2007) |
Electricity - imports:
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7.761 billion kWh (2007 est.) |
Oil - production:
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37,670 bbl/day (2007 est.) |
Oil - production per capita:
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979 bbl/day per capita |
Oil - consumption:
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524,000 bbl/day (2007 est.) |
Oil - consumption - per capita:
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4.97 bbl/year per capita |
Oil - exports:
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57,920 bbl/day (2005) |
Oil - imports:
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499,200 bbl/day (2005) |
Oil - proved reserves:
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96.38 million bbl (1 January 2008 est.) |
Natural gas - production:
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6.025 billion cu m (2007 est.) |
Natural gas - production per capita:
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157 cu m per capita |
Natural gas - consumption:
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16.38 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
|
426 cu m per capita |
Natural gas - exports:
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45 million cu m (2007 est.) |
Natural gas - imports:
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10.12 billion cu m (2007 est.) |
Natural gas - proved reserves:
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164.8 billion cu m (1 January 2008 est.) |
Agriculture - products:
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potatoes, fruits, vegetables, wheat; poultry, eggs, pork, dairy |
Current account balance:
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-$29.51 billion (2008 est.) |
Current account balance - per capita:
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-766 USD per capita |
Exports:
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$190.5 billion f.o.b. (2008 est.) |
Exports per capita:
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4,951 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 25.9%, Italy 6.6%, France 6.1%, UK 5.9%, Czech Republic 5.5%, Russia 4.6% (2007) |
Imports:
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$213.9 billion f.o.b. (2008 est.) |
Imports per capita:
|
5,559 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 8.7%, Italy 6.6%, Netherlands 5.7%, France 5.1%, China 4.2% (2007) |
Reserves of foreign exchange and gold:
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$84.48 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
2,196 USD per capita |
Debt - external:
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$227.5 billion (31 December 2008 est.) |
Debt - external - per capita:
|
5,912 USD per capita |
Stock of direct foreign investment - at home:
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$196.1 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
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5,096 USD per capita |
Stock of direct foreign investment - abroad:
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$24.59 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
639 USD per capita |
Market value of publicly traded shares:
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$207.3 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
|
5,387 USD per capita |
Economic aid - donor:
|
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:
|
40 USD per capita |
Currency (code):
|
zloty (PLN) |
Exchange rates:
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zlotych (PLN) per US dollar - 2.3 (2008 est.), 2.81 (2007), 3.1032 (2006), 3.2355 (2005), 3.6576 (2004)
note: zlotych is the plural form of zloty |
Fiscal year:
|
calendar year |
|
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