Economy of Poland
Encyclopedia
The Economy of Poland
is a high income economy and is the sixth largest in the EU and one of the fastest growing economies in Europe
, with a yearly growth rate of over 3.0% before the late-2000s recession. It is the only member country of the European Union
to have avoided a decline in GDP, meaning that in 2009 Poland has created the most GDP growth in the EU. As of December 2009 the Polish economy had not entered recession nor contracted. According to the Central Statistical Office of Poland, In 2010 the Polish economic growth rate was 3.8 %, which was one of the best results in Europe.
The Polish state has steadfastly pursued a policy of economic liberalization throughout the 1990s
, with positive results for economic growth but negative results for some sectors of the population. The privatization
of small and medium state-owned companies and a liberal law on establishing new firms has encouraged the development of the private business sector, which has been the main drive for Poland's economic growth. The agricultural sector remains handicapped by structural problems, surplus labor, inefficient small farms, and a lack of investment. Restructuring and privatization of "sensitive sectors" (e.g., coal), has also been slow, but recent foreign investments in energy and steel have begun to turn the tide. Recent reforms in health care, education, the pension system, and state administration have resulted in larger than expected fiscal pressures. Improving this account deficit and tightening monetary policy, with focus on inflation
, are priorities for the Polish government. Further progress in public finance depends mainly on privatization of Poland's remaining state sectors, the reduction of state employment, and an overhaul of the tax code to incorporate farmers, who currently pay significantly lower taxes than other people with similar income levels. Despite some continued systematic problems, Poland has made a large economic progress over the last decade, and now is ranked 20-th worldwide in terms of the GDP. The largest component of its economy is the service sector.
trading bloc in 1991, Poland scrambled to reorient its trade. As early as 1996, 70% of its trade was with EU members, and neighboring Germany
today is Poland's dominant trading partner. Poland joined the EU in May 2004. Before that, it fostered regional integration and trade through the Central European Free Trade Agreement
(CEFTA), which included Hungary
, the Czech Republic
, Slovakia
and Slovenia
.
Most of Poland's imports are capital goods needed for industrial retooling and for manufacturing inputs, rather than imports for consumption. Therefore, a deficit is expected and should even be regarded as positive at this point. Poland is a founding member of the World Trade Organization
and member of the European Union
. It applies the EU's common external tariff
to goods from other countries (including the U.S.). Most Polish exports to the U.S. receive tariff benefits under the Generalized System of Preferences
(GSP) program.
Opportunities for trade and investment continue to exist across virtually all sectors. The American Chamber of Commerce in Poland, founded in 1991 with seven members, now has more than 300 members. Strong economic growth potential, a large domestic market, EU membership, and a high level of political stability are the top reasons U.S. and other foreign companies do business in Poland.
The UAE has become Poland's largest trading partner in the Arab world
, Roman Chalaczkiewicz, Polish Ambassador to the UAE, told Gulf News
.
According to an Ernst & Young report, Poland ranks 7th in the World in terms of investment attractiveness. However, Ernst & Young's 2010 European attractiveness survey reported that Poland saw a 52% decrease in FDI job creation and a 42% decrease in number of FDI projects since 2008. According to the OECD (www.oecd.org) report, in 2004 Poles were one of the hardest working nations in Europe. Yet, the ability to establish and conduct business easily has been cause for economic hardship; the 2010 the World Economic Forum ranked Poland near the bottom of OECD countries in terms of the clarity, efficiency and neutrality of the legal framework used by firms to settle disputes.
It is estimated that the selection of Poland as the co-organizer of the European Football Championships in 2012 will speed up a lot of investments in Poland in the coming years. It will mainly be investment in sectors such as roads, railways and air infrastructure, as well as in the hotel, tourism, gastronomy and recreation industries.
Polish Information and Foreign Investment Agency offers support for foreign investors - assists and helps investors in all the necessary legal and administrative procedures.
While transforming the country to a market-oriented economy during 1992-1997, the government privatized some banks, recapitalized the rest and introduced legal reforms that made the sector competitive. These reforms, and the health and relative stability of the sector, attracted a number of strategic foreign investors. At the beginning of 2009, Poland’s banking sector had 51 domestic banks, a network of 578 cooperative banks and 18 branches of foreign-owned banks. In addition, foreign investors had controlling stakes in nearly 40 commercial banks, which made up 68% of the banking capital. Banks in Poland reacted to the financial crisis of 2009 by restraining lending, raising interest rates, and strengthening balance sheets. Subsequently, the sector started lending again, with an increase of more than 4% expected in 2011.
, Poland's industrial base was concentrated in the coal, textile, chemical, machinery, iron, and steel sectors. Today it extends to fertilizers, petrochemicals, machine tools, electrical machinery, electronics, car manufacture and shipbuilding.
Poland's industrial base suffered greatly during World War II, and many resources were directed toward reconstruction. The communist economic system
imposed in the late 1940s created large and unwieldy economic structures operated under a tight central command. In part because of this systemic rigidity, the economy performed poorly even in comparison with other economies in Central Europe
.
In 1990, the Mazowiecki government began a comprehensive reform program to replace the centralized command economy with a market-oriented system. While the results overall have been impressive, many large state-owned industrial enterprises, particularly the railroad, mining, steel, and defense sectors, have remained resistant to change and the downsizing required to survive in a market-based economy.
Poland is a net exporter of processed fruit and vegetables, meat, and dairy products. Processors often rely on imports to supplement domestic supplies of wheat, feed grains, vegetable oil, and protein meals, which are generally insufficient to meet domestic demand. However, Poland is the leading EU producer of potatoes and rye and is one of the world's largest producers of sugar beets and triticale. Poland also is a significant producer of rapeseed, grains, hogs, and cattle.
The non-prescription medicines market, which accounts for about one-third of the total market value, was worth PLN 7.5bn in 2008. This value includes drugs and non-drugs such as dietary supplements, cosmetics, dressings, dental materials, diagnostic tests and medical devices. The prescription medicines market was worth PLN 15.8bn.
Investment (gross fixed):
18.4% of GDP (2004 est.)
Household income or consumption by percentage share:
Distribution of family income - Gini index:
30.6 (2004)
Agriculture - products:
potatoes, fruits, vegetables, wheat, poultry, eggs, pork
Industrial production growth rate:
17.8% (2006)
Electricity:
Electricity - production by source:
Oil:
Natural gas:
Households with access to fixed and mobile telephone access
Broadband penetration rate
Individuals using computer and internet
Exports - commodities:
machinery and transport equipment 37.8%, intermediate manufactured goods 23.7%, miscellaneous manufactured goods 17.1%, food and live animals 7.6% (2003)
Imports - commodities:
machinery and transport equipment 38%, intermediate manufactured goods 21%, chemicals 14.8%, minerals, fuels, lubricants, and related materials 9.1% (2003)
Currency exchange rates:
Unemployment:
Average gross monthly pay: 3403.07 PLN (~830 EUR) (~1202 USD) December 2009
Source: Concise Statistical Yearbook of Poland (2008/9)
Reserves of foreign exchange & gold:
$70.08 billion (2004 est.)
State Treasury Debt - foreign:
$55.4 billion (2008 est.)
Current account balance:
$-6.7 billion [-1.5% of GDP] (2009 est.)
Historical annual data
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
is a high income economy and is the sixth largest in the EU and one of the fastest growing economies in Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, with a yearly growth rate of over 3.0% before the late-2000s recession. It is the only member country of the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
to have avoided a decline in GDP, meaning that in 2009 Poland has created the most GDP growth in the EU. As of December 2009 the Polish economy had not entered recession nor contracted. According to the Central Statistical Office of Poland, In 2010 the Polish economic growth rate was 3.8 %, which was one of the best results in Europe.
The Polish state has steadfastly pursued a policy of economic liberalization throughout the 1990s
1990s
File:1990s decade montage.png|From left, clockwise: The Hubble Space Telescope floats in space after it was taken up in 1990; American F-16s and F-15s fly over burning oil fields and the USA Lexie in Operation Desert Storm, also known as the 1991 Gulf War; The signing of the Oslo Accords on...
, with positive results for economic growth but negative results for some sectors of the population. The privatization
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
of small and medium state-owned companies and a liberal law on establishing new firms has encouraged the development of the private business sector, which has been the main drive for Poland's economic growth. The agricultural sector remains handicapped by structural problems, surplus labor, inefficient small farms, and a lack of investment. Restructuring and privatization of "sensitive sectors" (e.g., coal), has also been slow, but recent foreign investments in energy and steel have begun to turn the tide. Recent reforms in health care, education, the pension system, and state administration have resulted in larger than expected fiscal pressures. Improving this account deficit and tightening monetary policy, with focus on inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
, are priorities for the Polish government. Further progress in public finance depends mainly on privatization of Poland's remaining state sectors, the reduction of state employment, and an overhaul of the tax code to incorporate farmers, who currently pay significantly lower taxes than other people with similar income levels. Despite some continued systematic problems, Poland has made a large economic progress over the last decade, and now is ranked 20-th worldwide in terms of the GDP. The largest component of its economy is the service sector.
Foreign trade
With the collapse of the ruble-based COMECONComecon
The Council for Mutual Economic Assistance , 1949–1991, was an economic organisation under hegemony of Soviet Union comprising the countries of the Eastern Bloc along with a number of communist states elsewhere in the world...
trading bloc in 1991, Poland scrambled to reorient its trade. As early as 1996, 70% of its trade was with EU members, and neighboring Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
today is Poland's dominant trading partner. Poland joined the EU in May 2004. Before that, it fostered regional integration and trade through the Central European Free Trade Agreement
Central European Free Trade Agreement
The Central European Free Trade Agreement is a trade agreement between non-EU countries in Southeast Europe.-Members:As of 1 May 2007, the parties of the CEFTA agreement are: Albania, Bosnia and Herzegovina, Croatia, Macedonia, Moldova, Montenegro, Serbia and UNMIK on behalf of Kosovo.Former...
(CEFTA), which included Hungary
Hungary
Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The...
, the Czech Republic
Czech Republic
The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest....
, Slovakia
Slovakia
The Slovak Republic is a landlocked state in Central Europe. It has a population of over five million and an area of about . Slovakia is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east and Hungary to the south...
and Slovenia
Slovenia
Slovenia , officially the Republic of Slovenia , is a country in Central and Southeastern Europe touching the Alps and bordering the Mediterranean. Slovenia borders Italy to the west, Croatia to the south and east, Hungary to the northeast, and Austria to the north, and also has a small portion of...
.
Most of Poland's imports are capital goods needed for industrial retooling and for manufacturing inputs, rather than imports for consumption. Therefore, a deficit is expected and should even be regarded as positive at this point. Poland is a founding member of the World Trade Organization
World Trade Organization
The World Trade Organization is an organization that intends to supervise and liberalize international trade. The organization officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade , which commenced in 1948...
and member of the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
. It applies the EU's common external tariff
Common external tariff
When a group of countries form a customs union they must introduce a common external tariff. The same customs duties, import quotas, preferences or other non-tariff barriers to trade apply to all goods entering the area, regardless of which country within the area they are entering...
to goods from other countries (including the U.S.). Most Polish exports to the U.S. receive tariff benefits under the Generalized System of Preferences
Generalized System of Preferences
The Generalized System of Preferences, or GSP, is a formal system of exemption from the more general rules of the World Trade Organization ,...
(GSP) program.
The UAE has become Poland's largest trading partner in the Arab world
Arab world
The Arab world refers to Arabic-speaking states, territories and populations in North Africa, Western Asia and elsewhere.The standard definition of the Arab world comprises the 22 states and territories of the Arab League stretching from the Atlantic Ocean in the west to the Arabian Sea in the...
, Roman Chalaczkiewicz, Polish Ambassador to the UAE, told Gulf News
Gulf News
Gulf News is a daily English language newspaper published from Dubai, in the United Arab Emirates with a December 2009 BPA audited circulation of over 117,036 qualified copies...
.
Foreign business in Poland
Polish law is rather favorable to foreign entrepreneurs. The government offers investors various forms of state aid, such as: CIT tax at the level of 19% and investment incentives in 14 Special Economic Zones (among others: income tax exemption, real estate tax exemption, competitive land prices), several industrial and technology parks, the possibility to benefit from the EU structural funds, brownfield and greenfield localizations. According to the National Bank of Poland (NBP) the level of FDI inflow into Poland in 2006 amounted to 13.9 billion Euro.According to an Ernst & Young report, Poland ranks 7th in the World in terms of investment attractiveness. However, Ernst & Young's 2010 European attractiveness survey reported that Poland saw a 52% decrease in FDI job creation and a 42% decrease in number of FDI projects since 2008. According to the OECD (www.oecd.org) report, in 2004 Poles were one of the hardest working nations in Europe. Yet, the ability to establish and conduct business easily has been cause for economic hardship; the 2010 the World Economic Forum ranked Poland near the bottom of OECD countries in terms of the clarity, efficiency and neutrality of the legal framework used by firms to settle disputes.
It is estimated that the selection of Poland as the co-organizer of the European Football Championships in 2012 will speed up a lot of investments in Poland in the coming years. It will mainly be investment in sectors such as roads, railways and air infrastructure, as well as in the hotel, tourism, gastronomy and recreation industries.
Polish Information and Foreign Investment Agency offers support for foreign investors - assists and helps investors in all the necessary legal and administrative procedures.
Banking
The Polish banking sector, the largest in central and eastern Europe as well as the largest and the most highly developed sector of the country’s financial markets, is regulated by the Polish Financial Supervision Authority.While transforming the country to a market-oriented economy during 1992-1997, the government privatized some banks, recapitalized the rest and introduced legal reforms that made the sector competitive. These reforms, and the health and relative stability of the sector, attracted a number of strategic foreign investors. At the beginning of 2009, Poland’s banking sector had 51 domestic banks, a network of 578 cooperative banks and 18 branches of foreign-owned banks. In addition, foreign investors had controlling stakes in nearly 40 commercial banks, which made up 68% of the banking capital. Banks in Poland reacted to the financial crisis of 2009 by restraining lending, raising interest rates, and strengthening balance sheets. Subsequently, the sector started lending again, with an increase of more than 4% expected in 2011.
Industry
Before World War IIWorld War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, Poland's industrial base was concentrated in the coal, textile, chemical, machinery, iron, and steel sectors. Today it extends to fertilizers, petrochemicals, machine tools, electrical machinery, electronics, car manufacture and shipbuilding.
Poland's industrial base suffered greatly during World War II, and many resources were directed toward reconstruction. The communist economic system
Economic system
An economic system is the combination of the various agencies, entities that provide the economic structure that defines the social community. These agencies are joined by lines of trade and exchange along which goods, money etc. are continuously flowing. An example of such a system for a closed...
imposed in the late 1940s created large and unwieldy economic structures operated under a tight central command. In part because of this systemic rigidity, the economy performed poorly even in comparison with other economies in Central Europe
Central Europe
Central Europe or alternatively Middle Europe is a region of the European continent lying between the variously defined areas of Eastern and Western Europe...
.
In 1990, the Mazowiecki government began a comprehensive reform program to replace the centralized command economy with a market-oriented system. While the results overall have been impressive, many large state-owned industrial enterprises, particularly the railroad, mining, steel, and defense sectors, have remained resistant to change and the downsizing required to survive in a market-based economy.
Agriculture
Agriculture employs 14.8% of the work force but contributes 3.8% to the gross domestic product (GDP), reflecting relatively low productivity. Unlike the industrial sector, Poland's agricultural sector remained largely in private hands during the decades of communist rule. Most of the former state farms are now leased to farmer tenants. Lack of credit is hampering efforts to sell former state farmland. Currently, Poland's 2 million private farms occupy 90% of all farmland and account for roughly the same percentage of total agricultural production. Farms are small—8 hectares on average—and often fragmented. Farms with an area exceeding 15 ha accounted for 9% of the total number of farms but cover 45% of total agricultural area. Over half of all farm households in Poland produce only for their own needs with little, if any, commercial sales.Poland is a net exporter of processed fruit and vegetables, meat, and dairy products. Processors often rely on imports to supplement domestic supplies of wheat, feed grains, vegetable oil, and protein meals, which are generally insufficient to meet domestic demand. However, Poland is the leading EU producer of potatoes and rye and is one of the world's largest producers of sugar beets and triticale. Poland also is a significant producer of rapeseed, grains, hogs, and cattle.
Polish pharmaceutical market
The total value of the Polish pharmacy market in 2008 was PLN 24.1bn, 11.5% more than in 2007.The non-prescription medicines market, which accounts for about one-third of the total market value, was worth PLN 7.5bn in 2008. This value includes drugs and non-drugs such as dietary supplements, cosmetics, dressings, dental materials, diagnostic tests and medical devices. The prescription medicines market was worth PLN 15.8bn.
Major Polish companies
- PKO Bank PolskiPKO Bank PolskiPowszechna Kasa Oszczędności Bank Polski Spółka Akcyjna is Poland's largest bank. It provides services to individual and business clients. The core business activity of PKO Bank Polski is retail banking...
- Banking. - PKN OrlenPKN OrlenPKN Orlen is a major European oil refiner, and petrol retailer. The company is Poland's and Central Europe's largest publicly traded firm with major operations in Poland, Czech Republic, Germany, and the Baltic States...
- Petrochemical corporation - Telekomunikacja PolskaTelekomunikacja PolskaTelekomunikacja Polska S.A. is a Polish national telecommunications provider established in December 1991. It is a Public company traded on the Warsaw Stock Exchange, with a controlling stake owned by France Télécom , with the latter controlling over 50% of this stake by 2002...
(TP S.A) - Telecom - NetiaNetiaNetia a telecom which owns the second-largest fixed-line network in Poland. In 2006 Icelandic-owned Novator acquired a large stake in Netia. Netia and Novator announced that they are going to build a 4th mobile network in Poland....
- Telecom - Getin Bank - Banking
- Ciech SA - Chemical group
- KlerKLERKLER may refer to:* KLER , a radio station licensed to Orofino, Idaho, United States* KLER-FM, a radio station licensed to Orofino, Idaho, United States...
- Manufacturer of luxurious furniture - Black Red WhiteBlack Red WhiteBlack Red White is a leading furniture manufacturer in Poland, founded in Chmielek, Poland in 1991. The company's headquarters are located in Biłgoraj. Black Red White S.A...
- Furniture - Alma Market - Supermarket
- PSE-Operator - National Power Company
- Polskie Górnictwo Naftowe i Gazownictwo - Natural Gas/ Oil
- Powszechny Zakład Ubezpieczeń - Insurance company
- PolsatPolsatPolsat is Poland's second biggest television channel, founded on December 5, 1992 and owned by Zygmunt Solorz-Żak.Polsat belongs to the Polsat Group , which also owns other channels:*Polsat HD*Polsat 2 International*Polsat News*TV Biznes...
- Media - Agora SAAgora SAAgora Spółka Akcyjna or Agora SA is a Polish media company.It is owner or co-owner of:* a national daily newspaper Gazeta Wyborcza,* a daily called Metro in several large Polish cities,* 3 regional weeklies,...
- Media - OrbisOrbisOrbis may refer to:* Orbis , a Doctor Who audio play, starring Paul McGann and Sheridan Smith* Orbis , a quarterly journal of international affairs published by the Foreign Policy Research Institute...
- hotels - AssecoAssecoAsseco Poland SA is the largest corporation in the technology sector quoted on the Warsaw Stock Exchange. It was established in 1991 and provided computer software to the banking industry. The current corporation is the result of a merger between ASSET Soft AS and COMP Rzeszów SA. It currently...
- IT - Bioton - Biotechnology
- KGHM Polska MiedźKGHM Polska MiedzKGHM Polska Miedź is one of the largest producers of copper and silver in the world. The mining & metallurgy company is based in Poland in Lubin. KGHM Polska Miedź S.A...
- Copper mines and mills - Kompania WęglowaKompania WeglowaKompania Węglowa is the largest coal mining company in Poland and Europe producing around 48 million tonnes of coal every year, from 23 mines....
- Mining - Echo Inwestment - Real Estate Development
- Emmerson Lumico - Real Estate
- Pekaes - Spedition
- Impel - outsourcing
- TymbarkTymbarkTymbark is a village in southern Poland, some 80 km south-east of Kraków, population 2,400 . It lies approximately west of Limanowa and south-east of the regional capital Kraków....
- water and juices - TelForceOne - Telecom
- PolferriesPolferriesPolferries is the largest Polish ferry operator.The Polish Baltic Shipping Company was established on 31 January 1976 as a state-owned shipping company. Under the operating name Polferries, the company runs ferry routes across the Baltic Sea between Poland and Scandinavia.In 1996 Polferries...
- Transport - Scat always on time - Spedition
- Grupa LotosGrupa LOTOSGrupa LOTOS S.A. is a vertically integrated oil concern from Poland based in Gdańsk. The company is listed in the Polish index WIG 20. Its main activity branches are: crude oil production, refining and marketing of oil products....
- Petrochemical - Polish State RailwaysPolish State Railwaysis the dominant railway operator in Poland.The company was founded when the former state-owned operator was divided into several units based on the requirements laid down by the European Union...
(PKP) - National railway - Poczta PolskaPoczta PolskaPoczta Polska is the Polish public post service.- History :Before the postal system was established, correspondence was delivered by messengers. In the Middle Ages, such services were available only to the privileged classes - monarchs, rich merchants and some of the organised communities, like...
- Polish Post - Cersanit- Ceramic Goods
- Polnord- Real Estate Development
- TVNTVN (Poland)TVN is a major Polish commercial television network. The broadcaster was co-founded by Polish businessmen Mariusz Walter and Jan Wejchert. The network launched on October 3, 1997. TVN belongs to the TVN S.A...
- Media - Polimex-Mostostal- Engineering and Construction
- Globe Trade Centre - Real Estate Development
- ElektrimElektrimElektrim SA, a Polish public company trading from 1992 on the Warsaw Stock Exchange, is the result of the privatization of the former PHZ Elektrim...
- Diversified utilities / mobile phone service - Arrinera - Automotive
- VolkswagenVolkswagenVolkswagen is a German automobile manufacturer and is the original and biggest-selling marque of the Volkswagen Group, which now also owns the Audi, Bentley, Bugatti, Lamborghini, SEAT, and Škoda marques and the truck manufacturer Scania.Volkswagen means "people's car" in German, where it is...
Poznań - Automotive - FiatFiatFIAT, an acronym for Fabbrica Italiana Automobili Torino , is an Italian automobile manufacturer, engine manufacturer, financial, and industrial group based in Turin in the Italian region of Piedmont. Fiat was founded in 1899 by a group of investors including Giovanni Agnelli...
Poland - Polish branch of Fiat Group (former FSMFabryka Samochodów MałolitrażowychThe Fabryka Samochodów Małolitrażowych was Polish automobile factory born from an agreement between the FSO and Fiat in 1970s for the construction of a new model, the Polski Fiat 126p, Polish version of Fiat 126. For the project a new manufacturing plant was opened in Tychy...
), builds PandaFiat PandaThe Fiat Panda is a city car from the Italian automobile manufacturer Fiat. The first Fiat Panda was introduced in 1980, and was produced until 2003 with only a few changes. It is now sometimes referred to as the "old Panda". The second model, launched in 2003, is sometimes referred to "New Panda"...
, Fiat Nuova 500Fiat Nuova 500The Fiat 500 or Fiat Nuova 500 is a city car built by Italian automaker Fiat since 2007. The car is currently produced in Tychy, Poland by Fiat Auto Poland S.A. and in Toluca, Mexico, by Chrysler Group LLC. The four-seater, three-door hatchback 500 is almost identical to the retro concept car...
and Fiat 600Fiat SeicentoThe Fiat Seicento is a city car produced by the Italian company Fiat, introduced in late 1997 as a replacement for the Fiat Cinquecento. The Seicento did not differ much from its predecessor, retaining the same engines, chassis and general dimensions, although it did gain a minor 9 cm in length... - General Motors Poland - Automotive
- Warsaw Stock ExchangeWarsaw Stock ExchangeThe Warsaw Stock Exchange , , is a stock exchange located in Warsaw, Poland. It has a capitalization of € 220 bln .The WSE is a member of the World Federation of Exchanges and the Federation of European Securities Exchanges.-History:...
- Tele-Fonika Kable - Cabling manufacturer
- Solaris Bus & CoachSolaris Bus & CoachSolaris Bus & Coach S.A. is a bus, coach and trolleybus manufacturer based in Bolechowo-Osiedle and Środa Wielkopolska, near Poznań, Poland.It is a family-owned business, with Krzysztof Olszewski as president and his wife Solange as chairman...
- Bus, coach and trolleybus manufacturer - Fakro - Rroof windows manufacturer
- ComarchComarchComarch is an international software house and systems integrator based in Kraków, Poland. Comarch provides services in areas such as Telecommunications, Finance and Banking, the Services Sector and to Public Administration...
- IT - Amica - Home appliances
- Maflow - Automotive components manufacturer
- PolarPolar- Science, technology, and mathematics :*Polar , a satellite launched by NASA in 1996*Polar , a strongly magnetic cataclysmic variable star system...
- Home appliances - Mastercook - Home appliances
- PMR LtdPMR LtdPMR - British-American company providing market information, advice and services to international businesses interested in Central and Eastern Europe as well as other emerging markets. PMR's key areas of operation include business publications, consultancy and market research...
- b2b market research,business consultancy - Metro GroupMetro AGMetro AG is a diversified retail and wholesale/cash and carry group based in Düsseldorf, Germany. It has the largest market share in its home market, and is one of the most globalised retail and wholesale corporations. It is the fourth-largest retailer in the world measured by revenues . In English...
Poland - retail - Grupa Tauron Polska Energia - Energy sector
- Eurocash - Retail sector
Other statistics
Retail sales in Poland| Year | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 |
|---|---|---|---|---|---|---|---|---|
| Total retail sales (PLN bn) | 361.8 | 376.5 | 385.3 | 401.4 | 433.5 | 433.3 | 464.5 | 517.4 |
Investment (gross fixed):
18.4% of GDP (2004 est.)
Household income or consumption by percentage share:
- lowest 10%: 3.2%
- highest 10%: 24.7% (1998)
Distribution of family income - Gini index:
30.6 (2004)
Agriculture - products:
potatoes, fruits, vegetables, wheat, poultry, eggs, pork
Industrial production growth rate:
17.8% (2006)
Electricity:
- production: 150.8 TWhTWHTWH or twh could refer to:*Tennessee Walking Horse, a breed of horse* Toronto Western Hospital, a hospital in Toronto, Canada* TWH Bus & Coach, a bus company in Romford, England* Terrawatt-hour, measure of electrical energy, 1012 watt-hours...
(2004) - consumption: 121.3 TWh (2004)
- exports: 15.2 TWh (2004)
- imports: 5.0 TWh (2004)
Electricity - production by source:
- fossil fuel: 95.1%
- hydro: 4.5%
- other: 0.4% (2001)
- nuclear: 0%
Oil:
- production: 17180 oilbbl/d (2001 est.)
- consumption: 424100 oilbbl/d (2001 est.)
- exports: 53000 oilbbl/d (2001)
- imports: 413700 oilbbl/d (2001)
- proved reserves: 116400000 barrels (18,506,121,138 l) (1 January 2002)
Natural gas:
- production: 5.471 billion m³ (2001 est.)
- consumption: 13.85 billion m³ (2001 est.)
- exports: 41 million m³ (2001 est.)
- imports: 8.782 billion m³ (2001 est.)
- proved reserves: 154.4 billion m³ (1 January 2002)
Households with access to fixed and mobile telephone access
- landline telephone - 52% (2009)
- mobile telephone - 85% (2009)
Broadband penetration rate
- fixed broadband- 13.5% (2010)
- mobile broadband- 4.3% (2010)
Individuals using computer and internet
- computer - 63% (2009)
- internet - 59% (2009)
Exports - commodities:
machinery and transport equipment 37.8%, intermediate manufactured goods 23.7%, miscellaneous manufactured goods 17.1%, food and live animals 7.6% (2003)
Imports - commodities:
machinery and transport equipment 38%, intermediate manufactured goods 21%, chemicals 14.8%, minerals, fuels, lubricants, and related materials 9.1% (2003)
Currency exchange rates:
- Złoty per US Dollar - 2.96 (Dec 2010), 2.92 (Sep 2010), 2.94 (Apr 2010), 3.25 (Apr 2009), 2.17 (Apr 2008), 2.51 (Nov 2007), 2.66 (Oct 2006) 3.15 (Jun 2006) 3.7 (2004), 3.8891 (2003), 4.08 (2002), 4.0939 (2001), 4.3461 (2000).
- Złoty per Euro - 3.96 (Dec 2010), 3.44 (Apr 2008), 3.64 (Nov 2007), 3.96 (Aug 2006), 4.77 (Jun 2004).
Unemployment:
- July 2008 - 7.3%
- November 2010 - 11.7%
Average gross monthly pay: 3403.07 PLN (~830 EUR) (~1202 USD) December 2009
Budget and debt
Polish State Budget Expenditure by Division (2008):| Division | Spending (in mln zl) | % of total budget |
|---|---|---|
| Total | 277,893 | 100 |
| Dwelling economy | 1541 | 0.6 |
| Public administration | 10161 | 3.7 |
| National Defence | 13812 | 5 |
| Compulsory Social Security | 64050 | 23 |
| Public safety and fire care | 12517 | 4.5 |
| Administration of justice | 9090 | 3.3 |
| Public debt servicing | 25117 | 9 |
| Education | 2200 | 0.8 |
| Higher Education | 11091 | 4 |
| Health care | 6692 | 2.4 |
| Social assistance | 18331 | 6.6 |
| Culture and national heritage | 1487 | 0.5 |
| Physical education and sport | 583 | 0.2 |
| Other (no specific category) | 101,221 | 36.4 |
| Total income (mln zl) | Total expenditure (mln zl) | Total Deficit (mln zl) |
|---|---|---|
| 253,547 | 277,893 | 24,346 |
Source: Concise Statistical Yearbook of Poland (2008/9)
Reserves of foreign exchange & gold:
$70.08 billion (2004 est.)
State Treasury Debt - foreign:
$55.4 billion (2008 est.)
Current account balance:
$-6.7 billion [-1.5% of GDP] (2009 est.)
History
This article discusses the economy of the current Poland, post-1989. For historical overview of past Polish economies, see:- Economy of the People's Republic of Poland (1945-1989)
- Economy of the Second Polish Republic (1918-1939)
- Economy of the Polish-Lithuanian Commonwealth (1569-1795)
Growth of Poland
Recent GDP growth (comparing to the same quarter of previous year):| Year | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2011 | 4.5% | 4.3% | 4.2% | |
| 2010 | 3.0% | 3.5% | 4.2% | 4.3% |
| 2009 | 0.8% | 1.2% | 1.8% | 3.3% |
| 2008 | 6.1% | 6.0% | 5.0% | 3.0% |
| 2007 | 7.4% | 6.5% | 6.5% | 6.5% |
| 2006 | 5.4% | 6.3% | 6.6% | 6.6% |
| 2005 | 2.1% | 2.7% | 3.7% | 4.3% |
| 2004 | 7.0% | 6.1% | 4.8% | 4.9% |
| 2003 | 2.2% | 3.8% | 4.7% | 4.7% |
Historical annual data
- Total 1991 -7.0%
- Total 1992 2.6%
- Total 1993 3.8%
- Total 1994 5.2%
- Total 1995 7.0%
- Total 1996 6.2%
- Total 1997 7.1%
- Total 1998 5.0%
- Total 1999 4.5%
- Total 2000 4.3%
- Total 2001 1.2%
- Total 2002 1.4%
- Total 2003 3.9%
- Total 2004 5.3%
- Total 2005 3.6%
- Total 2006 6.2%
- Total 2007 6.8%
- Total 2008 5.1%
- Total 2009 1.7%
- Total 2010 3.8%