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Europe
Poland |
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Last reviewed: 20 July 2009 |
Country information
ECONOMY
Basic Economic Facts
GDP: US$438.6bn (€373.9bn)
GDP per head: US$11,483 (€9,790)
Annual Growth: 6.6% (2007)
Inflation: 4.8% (August 2008)
Unemployment: 9.3% (August 2008)
Major Industries: Machine building, iron and steel, coal mining, chemicals, shipbuilding, food processing, glass, beverages, textiles
Major trading partners: Germany, Italy, Russia, Netherlands, France, Ukraine, UK
Leading British investors include: Tesco, BP, Shell, Pilkington, Glaxo SmithKline, CGNU, BOC Group, Cadbury's Schweppes, British Sugar, Cussons and Energis.
UK Exports: EUR 3.4 billion (2007)
UK Imports: EUR 5.5 billion (2007)
Poland emerged into the global market place almost 20 years ago, transforming itself from a command economy into a free market economy. The private sector (75% of GDP) is now the main driver of economic activity. Poland has enjoyed uninterrupted growth since 1992. In 2004 - the year of accession to the EU - growth amounted to 5.4% and, after a slow down in 2005, picked up again in 2006 to 6.2% and reached 6.6% in 2007. In 2008 it is expected to stay above 5.5%. Inflation has fallen from over 600% in 1990 to around 10% in 2000 and has been at single digits since. In August 2008 it stood at 4.8%. The Polish Government would like Poland to be ready to join the European Monetary Union in 2011. Trade is healthy. In 2007, 78.7% of exports went to EU partners. Germany remains Poland's biggest trading partner (25.8% of exports), UK was in 4th place (5.9% of Polish exports, worth over USD 8.1 billion). UK exports to Poland amounted to almost USD 5.1 billion in 2007 (8th largest exporter to Poland).
Poland attracted Euro 12.8 billion of Foreign Direct Investment (FDI) in 2007. 85.7% of FDI came from EU countries (mainly from France, Germany, Austria, Italy and Sweden) and 14.7% from the rest of the world (mainly from USA, South Korea and Japan);
Unemployment has fallen significantly, but the labour market remains one of the key challenges for the Government (e.g. low participation rate). Unemployment stood at 9.3% in August 2008 compared to 19.1% in 2004, but there are huge regional disparities. Almost 50% of all unemployed are below 34 years of age.
