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Poland:
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Other pages in this profile of Poland:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition Poland has pursued a policy of economic liberalization since 1990 and today stands out as a success story among transition economies. In 2007, GDP grew an estimated 6.5%, 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 12.8% in 2007, it remains well above the EU average. Tightening labor markets, and rising global energy and food prices, pose a risk to consumer price stability. In December 2007 inflation reached 4.1% on a year-over-year basis, or higher than the upper limit of the National Bank of Poland's target range. 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. 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. The new government has also announced its intention to enact business-friendly reforms, reduce public sector spending growth, lower taxes, and accelerate privatization. However, the government does not have the necessary two-thirds majority needed to override a presidential veto, and thus may have to water down initiatives in order to garner enough support to pass its pro-business policies. |
GDP (purchasing power parity) |
Definition - World rank and map $620.9 billion (2007 est.) |
GDP (official exchange rate) |
Definition $420.3 billion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 6.5% (2007 est.) |
GDP - per capita |
Definition - World rank and map $16,300 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 4.1% industry: 31.6% services: 64.4% (2007 est.) |
Labor force |
Definition 16.86 million (2007 est.) |
Labor force - by occupation |
Definition agriculture: 16.1% industry: 29% services: 54.9% (2002) |
Unemployment rate |
Definition - World rank and map 12.8% (2007 est.) |
Population below poverty line |
Definition 17% (2003 est.) |
Household income or consumption by percentage share |
Definition lowest 10%: 3.1% highest 10%: 27% (2002) |
Distribution of family income - Gini index |
Definition - World rank and map 36 (2005) |
Inflation rate (consumer prices) |
Definition - World rank and map 2.5% (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 22.1% of GDP (2007 est.) |
Budget |
Definition revenues: $85.25 billion expenditures: $91.37 billion (2007 est.) |
Public debt |
Definition - World rank and map 43.1% of GDP (2007 est.) |
Agriculture - products |
Definition potatoes, fruits, vegetables, wheat; poultry, eggs, pork, dairy |
Industries |
Definition machine building, iron and steel, coal mining, chemicals, shipbuilding, food processing, glass, beverages, textiles |
Industrial production growth rate |
Definition - World rank and map 8.9% (2007 est.) |
Electricity - production |
Definition - World rank and map 146.2 billion kWh (2005) |
Electricity - consumption |
Definition - World rank and map 120.4 billion kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 3,127.3 kWh (2005) |
Electricity - exports |
Definition 16.19 billion kWh (2005) |
Electricity - imports |
Definition 5.002 billion kWh (2005) |
Oil - production |
Definition - World rank and map 32,800 bbl/day (2005 est.) |
Oil - consumption |
Definition - World rank and map 462,700 bbl/day (2005 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 12 bbl/day (2005 est.) |
Oil - exports |
Definition - World rank and map 51,780 bbl/day (2004) |
Oil - imports |
Definition - World rank and map 480,300 bbl/day (2004) |
Oil - proved reserves |
Definition - World rank and map 96.38 million bbl (1 January 2006 est.) |
Natural gas - production |
Definition - World rank and map 5.828 billion cu m (2005) |
Natural gas - consumption |
Definition - World rank and map 15.58 billion cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 405 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 42.2 million cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 10.01 billion cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 158.1 billion cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map -$15.48 billion (2007 est.) |
Exports |
Definition - World rank and map $144.6 billion f.o.b. (2007 est.) |
Exports - commodities |
Definition 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 |
Definition Germany 25.9%, Italy 6.8%, France 6%, UK 5.9%, Czech Republic 5.5%, Russia 4.7%, Ukraine 4% (2006) |
Imports |
Definition - World rank and map $160.2 billion f.o.b. (2007 est.) |
Imports - commodities |
Definition machinery and transport equipment 38%, intermediate manufactured goods 21%, chemicals 14.8%, minerals, fuels, lubricants, and related materials 9.1% (2003) |
Imports - partners |
Definition Germany 28.9%, Russia 8.8%, Italy 6.5%, Netherlands 5.6%, France 5.1%, China 4.2% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $65.75 billion (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $169.5 billion (31 December 2007) |
Stock of direct foreign investment - at home |
Definition $142.1 billion (2007 est.) |
Stock of direct foreign investment - abroad |
Definition $19.64 billion (2007 est.) |
Market value of publicly traded shares |
Definition $149.1 billion (2006) |
Economic aid - recipient |
Definition $1.524 billion in available EU structural adjustment and cohesion funds (2004) |
Currency (code) |
Definition zloty (PLN) |
Exchange rates |
Definition zlotych per US dollar - 2.81 (2007), 3.1032 (2006), 3.2355 (2005), 3.6576 (2004), 3.8891 (2003) note: zlotych is the plural form of zloty |
Fiscal year |
Definition calendar year |
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