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Poland:
Economy

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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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