The socialist economic system imposed in the late 1940s created large and unwieldy economic structures[60] operated under a tight central command. With a 4.2% GDP growth in 2019, Poland ranks as the second fastest-growing economy in the EU, according to the European Commission, only topped by Malta (+5.5%). [56], Foreign direct investment (FDI) was at 40% of GDP in 2010, a doubling over the level in 2000. Poland is classified as a high-income economy by the World Bank and ranks 22nd worldwide in terms of GDP (nominal) as well as 40th in the 2020 Ease of Doing Business Index.Poland has a highly diverse economy that ranks 21st in the 2017 Economic Complexity Index.The largest component of its economy is the service sector (62.3.%), followed by industry (34.2%) and agriculture (3.5%). November 29, 2019. World Bank national accounts data, and OECD National Accounts data files. "Przyjazdy do Polski (Foreign visits to Poland)", "International tourism, number of arrivals - Country Ranking", "Belka: polskie banki znów powinny być polskie", "Od dziś w Polsce jest 4 tys. Population figures based on United Nations data. In 2019, the growth in real gross domestic product (GDP) in Poland was up 4.1 percent from the year before, continuing a trend of positive growth in GDP. Poland's measured highest-point is Mt. Some credit ratings agencies estimate that Poland during the next few years is at risk of exceeding the EU’s 3%-of-GDP limit on budget deficits, possibly impacting its access to future EU funds. Polish firms in turn have foreign investments primarily in Italy and Luxembourg. Japan is the third-largest … Health Latest Trend Worldmark Encyclopedia of National Economics, Volume 4 – Europe, Gale Group, 2002, Officially the Republic of China, participates as ", This page was last edited on 3 December 2020, at 22:36. Current economic trends in Europe 3 Real GDP and employment growth in the EU. Close. India, Japan, and Indonesia are third, fourth and fifth largest contributer, respectively. The prescription medicines market was worth PLN 15.8bn.[62]. Poland gdp for 2018 was $1,195.03B, a 2.14% increase from 2017. The unemployment rate will also be a record low. The World Economic Outlook of the International Monetary Fund predicts, that the GDP growth in Poland will amount to 3.5% in 2019. Lack of credit is hampering efforts to sell former state farmland. Most FDI into Poland comes from France, Germany and the Netherlands. In 2019, agriculture contributed around 2.15 percent to the GDP of Poland, 28.83 percent came from the industry and 56.9 percent from the service sector. Since the global recession of 2009, Poland's GDP continued to grow. [55], The UAE has become Poland's largest trading partner in the Arab world, said Roman Chalaczkiewicz, Polish Ambassador to the UAE, speaking to Gulf News.[57]. This value includes drugs and non-drugs such as dietary supplements, cosmetics, dressings, dental materials, diagnostic tests and medical devices. GDP (Nominal), GDP (PPP), GDP (Nominal) per capita, GDP (PPP) per capita, GDP Growth and rank in 2019. Top 10 apple-producing countries in the world. Find Out, Online tool for visualization and analysis. Poland gdp per capita for 2018 was $15,461, a 11.54% increase from 2017. Poland is served by an extensive network of railways. Poland also is a significant producer of rapeseed, grains, hogs, and cattle. Poland gdp per capita for 2018 was $15,461, a 11.54% increase from 2017. [26] GDP per capita at purchasing power parity has grown on average by 6% p.a. % of GDP 2019 Poland (red), OECD - Average (black) Tax wedge Indicator: 35.6 Total % of labour cost 2019 Poland % of labour cost: Total % of labour cost 2000-2019 Poland (red), OECD - Average (black) Total % of labour cost 2019 Poland (red), OECD - Average (black) Find all indicators on Government. Notwithstanding the freezing of energy prices for households and micro and small … To learn more about cookies, click here. For the 1928 German silent film, see, National economy of the Republic of Poland, classified as a high-income economy by the World Bank, 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), List of Polish voivodeships by GDP per capita, Articles on Polish economy in Central and Eastern European Packaging magazine, World Bank Summary Trade Statistics Poland, "World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information April 2020", "FTSE Russell upgrades Poland from emerging to developed market", "World Economic Outlook Database, October 2020", "Poverty headcount ratio at national poverty lines (% of population)", "People at risk of poverty or social exclusion", "Gini coefficient of equivalised disposable income - EU-SILC survey", "Employment rate by sex, age group 20-64", "Unemployment by sex and age - monthly average", "Doing Business in Poland - World Bank Group", "Euro area and EU27 government deficit both at 0.6% of GDP", "S&P keeps Poland's rating, outlook unchanged", "Moody's changes outlook on Poland's A2 issuer rating to stable from negative; affirms ratings", "Scope affirms Poland's credit rating of A+ with a Stable Outlook", "Report for Selected Countries and Subjects", "Poland election: the unfinished counter-revolution", "Wzrostem PKB Polska zostawia Europę daleko z tyłu. As impressive as Poland’s ongoing GDP growth performance is — reaching 5% in 2018 and a projected 3.5-4% growth in 2019 and 2020 — Poland’s continued catch-up with the West will need to be supported by an upgraded growth model, which I call the “Warsaw Consensus.” In 2014 its economy grew by 3.3% and in 2015 by 3.8%. Currently, Poland's 2 million private farms occupy 90% of all farmland and account for roughly the same percentage of total agricultural production. [72], "Polish economy" redirects here. With its transformation to a democratic, market-oriented country largely completed and with large investments in defense, energy, and other infrastructure, Poland is an increasingly active member of … Poland’s GDP grew by 4.1 percent in 2019, driven primarily by domestic consumption and robust investment. Its failure to address rule-of-law issues may prompt the EU to try to impose sanctions on Poland. Motorways and expressways are part of the national road network. 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