Economy of Poland

Economy - overview
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 2008-09 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 has been 2% more than the EU average. Inflation reached a low of about 2.6% in 2010 due to the global economic slowdown, but climbed to 4.3% in 2011. 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. Weak revenues, together with rising demands to fund healthcare, education, and the state pension system caused the public sector budget deficit to rise to 7.8% of GDP in 2010, but the PO/PSL coalition government, which came to power in November 2007, took measures to shore up public finances - including increasing contributions to the public pension scheme at the expense of private pension funds - and reduced the deficit to 2.9% of GDP in 2011. For 2012 the coalition government has proposed further deficit-reducing reforms and to fulfill its promise to enact business-friendly reforms.
GDP (purchasing power parity)
$781.5 billion (2011 est.)
$720.6 billion (2009 est.)
data are in 2011 US dollars
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GDP (official exchange rate)
$513.8 billion (2011 est.)
GDP - real growth rate
4.4% (2011 est.)
1.6% (2009 est.)
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GDP - per capita (PPP)
$20,600 (2011 est.)
$18,900 (2009 est.)
data are in 2011 US dollars
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GDP - composition by sector
agriculture:
3.4%
industry:
33.6%
services:
63% (2011 est.)
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Labor force
17.85 million (2011 est.)
rank:
34
Labor force - by occupation
agriculture:
17.4%
industry:
29.2%
services:
53.4% (2005)
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Unemployment rate
12.4% (2011 est.)
12.1% (2010 est.)
Population below poverty line
17% (2003 est.)
Household income or consumption by percentage share
lowest 10%:
3.3%
highest 10%:
27.1% (2009 est.)
Distribution of family income - Gini index
34.2 (2008)
31.6 (1998)
Investment (gross fixed)
20.9% of GDP (2011 est.)
rank:
85
Budget
revenues:
$92.24 billion
expenditures:
$100.6 billion (2011 est.)
Taxes and other revenues
18% of GDP (2011 est.)
rank:
182
Budget surplus (+) or deficit (-)
-1.6% of GDP (2011 est.)
rank:
70
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Public debt
56.7% of GDP (2011 est.)
52.8% of GDP (2010 est.)
data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities, the data include subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
Inflation rate (consumer prices)
4.3% (2011 est.)
2.6% (2010 est.)
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Central bank discount rate
4% (31 December 2010 est.)
3.5% (31 December 2009 est.)
Commercial bank prime lending rate
8.2% (31 December 2011 est.)
8.367% (31 December 2010 est.)
Stock of narrow money
$136.9 billion (31 December 2011 est.)
$151.5 billion (31 December 2010 est.)
Stock of broad money
$258.8 billion (31 December 2011 est.)
$261.3 billion (31 December 2010 est.)
Stock of domestic credit
$340.5 billion (31 December 2011 est.)
$303.1 billion (31 December 2010 est.)
Market value of publicly traded shares
$138.2 billion (31 December 2011)
$135.3 billion (31 December 2009)
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
6.9% (2011 est.)
rank:
43
Electricity - production
141.8 billion kWh (2009 est.)
rank:
22
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Electricity - consumption
132.2 billion kWh (2008 est.)
rank:
23
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Electricity - exports
9.594 billion kWh (2009)
Electricity - imports
2.191 billion kWh (2009 est.)
Oil - production
28,230 bbl/day (2010 est.)
rank:
72
Oil - consumption
564,500 bbl/day (2010 est.)
rank:
30
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Oil - exports
50,400 bbl/day (2009 est.)
rank:
77
Oil - imports
531,300 bbl/day (2009 est.)
rank:
22
Oil - proved reserves
96.38 million bbl (1 January 2010 est.)
rank:
71
Natural gas - production
6.084 billion cu m (2010 est.)
rank:
49
Natural gas - consumption
17.2 billion cu m (2010 est.)
rank:
38
Natural gas - exports
47 million cu m (2010 est.)
rank:
47
Natural gas - imports
10.89 billion cu m (2010 est.)
rank:
24
Natural gas - proved reserves
164.8 billion cu m (1 January 2011 est.)
rank:
50
Current account balance
-$22.13 billion (2011 est.)
-$21.87 billion (2010 est.)
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Exports
$193.9 billion (2011 est.)
$165.7 billion (2010 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%
Exports - partners
Germany 27%, UK 6.6%, Czech Republic 6.4%, France 6.3%, Italy 5.6%, Netherlands 4.5%, Russia 4.2% (2011)
Imports
$208 billion (2011 est.)
$177.5 billion (2010 est.)
Imports - commodities
machinery and transport equipment 38%, intermediate manufactured goods 21%, chemicals 15%, minerals, fuels, lubricants, and related materials 9%
Imports - partners
Germany 28.7%, Russia 10.3%, Netherlands 5.9%, Italy 5.4%, China 5.3%, France 4.4%, Czech Republic 4.3% (2011)
Reserves of foreign exchange and gold
$97.87 billion (31 December 2011 est.)
$93.51 billion (31 December 2010 est.)
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Debt - external
$320 billion (31 December 2011 est.)
$295.6 billion (31 December 2010 est.)
Stock of direct foreign investment - at home
$205.1 billion (31 December 2011 est.)
$193.1 billion (31 December 2010 est.)
Stock of direct foreign investment - abroad
$43.34 billion (31 December 2011 est.)
$36.84 billion (31 December 2010 est.)
Exchange rates
2.81 (2007)
Fiscal year
calendar year
Data source 1: All Above textual data, maps and flags were extracted from The World Factbook which was prepared by the Central Intelligence Agency and made available on the following link: The World Factbook. Lebanese Economy Forum is not sponsered or affiliated, in any way, by the US Central Intelligence Agency
Data source 2: Plots and Charts are constructed using the world bank public data catalog which can be viewed by visiting the following link: World Bank Data Catalog. Lebanese Economy Forum is not sponsored or affiliated, in any way, by the worldbank

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