Transport, travel and tourism, ICT, insurance and finance, automobiles, electronics, cigars, machinery, rubber, petroleum and textiles are major industries of Poland. In 2017, Agriculture industry contributed 2.4% to GDP of Poland. Manufacturing had a share of 40.2% while services industry had a share of 57.4% of GDP in 2017.
In 2018, Services industry exports was valued at USD 69.8 billion for Poland. Electronics export accounted for USD 27.1 billion, machinery for USD 43 billion, vehicles for USD 35.6 billion, chemicals for USD 35.6 billion, metals for USD 25.6 billion, minerals for USD 7.53 billion, stone for USD 6.22 billion, textiles for USD 26 billion and agriculture for USD 49.2 billion in 2018.
Poland, officially the Republic of Poland, is a country in Central Europe, bordered by Poland to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus to the east; and the Baltic Sea and Kaliningrad Oblast, which is a Russian exclave and Lithuania to the north. Poland is now among the fastest-growing economies in the European Union (EU). Household consumption, fueled by expected increases in budgetary expenditures, a tight labor market, and rising wages, continues to grow. This, together with continuing low interest rates and the execution of EU funds–related investments, will help sustain Poland's economic growth prospects in the near term.
Poland is estimated to have population of 37.935 million in the year 2020 and expected to reach 37.767 million by 2024, growing at a CAGR of 0.11%.
Poland’s real gross domestic product (GDP) was PLN 1,983.37 billion in 2019 and due to COVID-19 outbreak it is estimated to shrink by 4.579% to be around PLN 1,892.55 billion in 2020.
Poland’s unemployment rate was 3.279% of total labor force in 2019. Due to slowdown in global economic activity due to COVID-19 pandemic the unemployment is expected to increase by 66.94% and reach 9.919% in 2020. Unemployment is further estimated to decrease in 2021 by 23.49% and reach 8.032% of total labor force in Poland.
Poland’s per capita GDP was estimated at USD 15,629.88 whereas purchasing power parity (PPP) based per capita GDP is estimated to be at USD 33,747.36 for the year 2019.
In 2019, Poland government’s revenue was estimated to be PLN 918.266 billion whereas the expenditure is estimated to be PLN 966.673 billion. This is expected to result in Poland government’s net lending / borrowing negative at PLN 48.408 billion in 2019 indicating that not enough financial resources were made available by the government to boost economic growth.
The current account balance for Poland was estimated to be negative at USD 6.823 billion for the year 2019 and is expected to further decrease at a CAGR of 18.34% and reach USD -15.836 billion by 2024. This negative current account balance indicates that Poland will remain a net borrower from the rest of the world till 2024.
In World Bank’s ease of doing business ranking Poland was ranked 40 out of 190 countries in 2019. Poland’s ease of doing business ranking improved from 33rd position in 2018.
*If Applicable.