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Poland

Poland Economy Stats

jaacosta47

Author: jaacosta47

The World Bank says that Poland has a population close to 39 million in 2013 with corresponding Gross National Income of roughly $12.38 billion (Nation Master). It owns the distinction of having the biggest economy in Central Europe. It has strived to match other EU powers in economic growth and lifestyle since joining the Union a decade ago. However, the worsening clash between neighbours Russia and Ukraine certainly affects Polish economy. Hence, government leaders are not that optimistic that the country’s GDP will increase according to its target of more than three percent.

Poland flourished even during the financial meltdown but the economy has become relatively sluggish in recent years. The OECD mentioned that additional reforms are needed to rev up the national economy. The government needs to enhance efficiency by easing up the labour market, privatising government-owned companies, reducing bureaucracy and making agriculture more competitive.

Business Week published an article which highlighted the following facts: Poland is a “Star in Eastern Europe.” Ironically, the country is said to be the home of Europe’s most deprived regions or shall we say, societies. The unemployment rate is a high of 13.5 percent. In fact, some 2.5 million young workers from Poland have left the country during the last 10 years. It is expected that they are now scattered in other EU states or even other countries outside Europe.

The European Union leadership is giving more monetary aid to Poland within the next 10 years. It has been very supportive of Poland even during the economic downturn. The assistance will be used for infrastructure development, according to Polish officials. Hopefully, this will alleviate the conditions of Polish citizens. Most of these families live under $400 a month which is below the poverty line.

Overview:

Poland has pursued a policy of economic liberalization since 1990 and today stands out as a success story among transition economies. It is the only country in the European Union to maintain positive GDP growth through the 2008-2009 economic downturn. 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 fell rapidly to 6.4% in October 2008, but climbed back to 11.8% for the year 2010, exceeding the EU average by more than 2%. Inflation reached a low of 2% in 2010 due to the global economic slowdown but has since climbed and is expected to remain around 3%, and close to the upper limit of the National Bank of Poland's target rate. Poland's economic performance could improve over the longer term if the country addresses some of the remaining deficiencies in its road and rail infrastructure and its business environment. An inefficient commercial court system, a rigid labor code, bureaucratic red tape, burdensome tax system, 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 caused the public sector budget deficit to rise to 7.9% of GDP in 2010. The PO/PSL coalition government, which came to power in November 2007, has planned to reduce the budget deficit in 2011 and has also announced its intention to enact business-friendly reforms, increase workforce participation, reduce public sector spending growth, lower taxes, and accelerate privatization. The government has moved slowly on most major reforms, but has speeded up privatization.

Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • Debt > Government debt > Public debt, share of GDP: Public debt as % of GDP (CIA).

    No date was available from the Wikipedia article, so we used the date of retrieval.

  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Exports per capita: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Figures expressed per capita for the same year.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Population below poverty line: National estimates of the percentage of the population lying below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Budget > Revenues $88.31 billion 2013 34th out of 223
Budget surplus > + or deficit > - -1.9% of GDP 2012 69th out of 182
Debt > Government debt > Public debt, share of GDP 53.8 CIA 2014 53th out of 153
Exports $191.00 billion 2012 26th out of 189
Exports per capita $4,955.54 2012 52nd out of 189
Fiscal year calendar year 2013
GDP $489.80 billion 2012 24th out of 177
GDP > Composition by sector > Industry 34.2% 2012 54th out of 217
GDP > Per capita $18,990.83 per capita 2010 18th out of 118
GDP > Per capita > PPP $20,600.00 2012 47th out of 188
GDP per capita $12,707.85 2012 50th out of 177
Gross National Income $164.00 billion 2001 23th out of 158
Population below poverty line 10.6% 2008 24th out of 30
Public debt 48.3% of GDP 2012 66th out of 149
Unemployment rate 12.8% 2012 28th out of 112

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; Wikipedia: List of countries by public debt (List) (Public debt , The World Factbook , United States Central Intelligence Agency , accessed on March 21, 2013.); CIA World Factbooks 2010, 2011, 2012, 2013. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; All CIA World Factbooks 18 December 2003 to 18 December 2008; World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; CIA World Factbooks 18 December 2003 to 28 March 2011

Citation

"Poland Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Poland/Economy

NationMaster

Poland Economy Profiles (Subcategories)

Adjusted savings 3 Investment 3
Aid 7 Labor force 3
Balance of payments 28 Long-term debt 4
Bank and trade-related lending 4 Market capitalization of listed companies 4
Budget 10 Merchandise 4
Business 12 Merchandise imports 4
Changes in net 4 Micro 4
Commercial service 4 National accounts 98
Commercial service imports 4 Natural gas 8
Companies 39 Net capital account 4
Consumption 6 Net current transfers 4
Currency 17 Net current transfers from abroad 5
Current account balance 5 Net errors and omissions 4
Current transfers 4 Net financial flows 12
Debt 48 Net income 4
Economic aid 3 Net income from abroad 5
Economic growth 8 Net incurrence of liabilities 3
Economic structure 4 Net trade in goods 4
Electricity 8 Net trade in goods and services 4
Entrepreneurship 12 Official development assistance and official aid 4
Exchange rates 3 Oil 10
Exports 3 Portfolio investment 12
External balance on goods and services 7 Poverty 16
External debt 7 Poverty and inequality 8
Final 11 Private investment 3
Financial sector 36 Private nonguaranteed debt 4
Foreign aid 36 Productivity 3
Foreign direct investment 14 Public and publicly guaranteed debt service 6
GDP 42 Public and publicly guaranteed (PPG) debt 3
GDP per capita 4 Public expenditure 4
GNI 12 Purchasing power parity 11
Goods 4 Reserves 6
Goods imports 4 Retail 3
Government 17 Royalty and license fees 8
Government debt 8 Savings 44
Government deficits and debt 4 Service 4
Government spending 5 Service imports 4
Gross capital formation 10 Services 10
Gross domestic savings 5 Spending 73
Gross fixed capital formation 10 Stock of direct foreign investment 6
Gross national expenditure 9 Stocks traded 5
Gross savings 6 Tax 78
Gross value added at factor cost 9 Taxes 3
High-technology 4 Total 9
Household final 23 Total debt service 6
IBRD loans and IDA credits 4 Tourism 21
Income 24 Tourism expenditures 5
Income distribution 4 Tourism receipts 5
Income payments 4 Tourist arrivals by region of origin 8
Income receipts 4 Trade 1637
Inequality 13 Trademark applications 4
Inflation 10 Transnational corporations 4
Innovation 38 Use of IMF credit 4
Interest payments 3 Welfare 5
International tourism 14
  • Poland ranked second for GDP amongst Eastern Europe in 2012.
  • Poland ranked second for GDP per capita amongst Religious countries in 2012.
  • Poland ranked third for GDP > composition by sector > industry amongst European Union in 2012.
  • Poland ranked third for GDP > per capita > PPP amongst Emerging markets in 2012.
  • Poland ranked first for poverty > poverty by individual and household characteristics > poverty rate > children amongst High income OECD countries in 2009.
  • Poland ranked #12 for exports amongst Christian countries in 2012.

4

The World Bank says that Poland has a population close to 39 million in 2013 with corresponding Gross National Income of roughly $12.38 billion (Nation Master). It owns the distinction of having the biggest economy in Central Europe. It has strived to match other EU powers in economic growth and lifestyle since joining the Union a decade ago. However, the worsening clash between neighbours Russia and Ukraine certainly affects Polish economy. Hence, government leaders are not that optimistic that the country’s GDP will increase according to its target of more than three percent.

Poland flourished even during the financial meltdown but the economy has become relatively sluggish in recent years. The OECD mentioned that additional reforms are needed to rev up the national economy. The government needs to enhance efficiency by easing up the labour market, privatising government-owned companies, reducing bureaucracy and making agriculture more competitive.

Business Week published an article which highlighted the following facts: Poland is a “Star in Eastern Europe.” Ironically, the country is said to be the home of Europe’s most deprived regions or shall we say, societies. The unemployment rate is a high of 13.5 percent. In fact, some 2.5 million young workers from Poland have left the country during the last 10 years. It is expected that they are now scattered in other EU states or even other countries outside Europe.

The European Union leadership is giving more monetary aid to Poland within the next 10 years. It has been very supportive of Poland even during the economic downturn. The assistance will be used for infrastructure development, according to Polish officials. Hopefully, this will alleviate the conditions of Polish citizens. Most of these families live under $400 a month which is below the poverty line.

Posted on 25 May 2014

jaacosta47

jaacosta47

423 Stat enthusiast