Poland skyline at golden hour

Poland Economy

Poland's economy in numbers:

Nominal GDP of USD 688 billion in 2022.

GDP per capita of USD 18,269 compared to the global average of USD 10,589.

Average real GDP growth of 3.5% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 68% of overall GDP, manufacturing 17%, other industrial activity 13%, and agriculture 2%. Looking at GDP by expenditure, private consumption accounted for 57% of GDP in 2021, government consumption 18%, fixed investment 21%, and net exports 4%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 79% of total merchandise exports, mineral fuels 2%, food 13%, ores and metals 4% and agricultural raw materials 1%, with other categories accounting for 1% of the total. In the same period, manufactured products made up 78% of total merchandise imports, mineral fuels 6%, food 8%, ores and metals 4% and agricultural raw materials 1%, with other goods accounting for 3% of the total. Total exports were worth USD 339 billion in 2022, while total imports were USD 364 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 3.5% in the decade to 2022. To read more about GDP growth in Poland, go to our dedicated page.

Fiscal policy:

Poland's fiscal deficit averaged 2.9% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 8.6% in the decade to 2022. For more information on Poland's unemployment click here.

Inflation:

Inflation averaged 2.9% in the decade to 2022. Go to our Poland inflation page for extra insight.

Monetary Policy:

Poland's monetary policy rate ended 2022 at 6.75%, up from 4.25% a decade earlier. See our Poland monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the zloty weakened by 29.5% vs the U.S. dollar. For more info on the zloty, click here.
GDP grew strongly in quarter-on-quarter terms in Q3, bolstered by falling inflation. Our panel expects momentum to have waned in Q4, despite declining interest rates and inflation. Economic sentiment remained entrenched in pessimistic terrain during the quarter. Additionally, manufacturing PMI readings posted continued contractions throughout the quarter. On top of this, retail sales logged a softer year-on-year increase than in the prior quarter. More positively, the European Commission confirmed in mid-January that the country had met the necessary conditions for the release of EUR 76 billion of structural funds. These need to be disbursed by 2027, boding well for public spending and investment. Meanwhile, the government presented its 2024 budget to Parliament in late December, with a slightly higher projected deficit than that of the previous administration.
Projections out to 2033.

56 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 38 expert analysts.

Want to get insight on the economic outlook for Poland in the coming years? FocusEconomics collects projections out to 2033 on 56 economic indicators for Poland from a panel of 38 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Poland economy. To download a sample report on the Poland's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Poland Economic Data

2018 2019 2020 2021 2022
Population (million) 38.0 38.0 38.0 37.8 37.7
GDP (USD bn) 589 596 600 681 688
GDP per capita (USD) 15,500 15,700 15,800 18,004 18,269
GDP (EUR bn) 499 533 526 576 654
GDP per capita (EUR) 13,137 14,026 13,860 15,231 17,380
GDP (PLN bn) 2,127 2,288 2,338 2,631 3,067
Economic Growth (Nominal GDP, ann. var. %) 7.2 7.6 2.1 12.6 16.6
Economic Growth (GDP, ann. var. %) 6.0 4.5 -2.0 6.9 5.4
Domestic Demand (ann. var. %) 6.3 3.4 -2.7 8.5 5.6
Private Consumption (ann. var. %) 4.4 3.5 -3.7 6.4 5.3
Government Consumption (ann. var. %) 3.5 6.7 4.7 4.9 0.8
Fixed Investment (ann. var. %) 12.6 6.2 -2.3 1.2 4.9
Exports (G&S, ann. var. %) 6.7 5.4 -1.1 13.3 6.8
Imports (G&S, ann. var. %) 7.5 3.3 -2.5 17.1 7.0
Industrial Production (ann. var. %) 6.0 4.3 -1.0 15.3 10.6
Retail Sales (ann. var. %) 7.9 6.7 -2.3 12.5 20.8
Disposable Income (ann. var. %) 4.1 4.5 4.2 -2.4 0.4
Wages (ann. var. %) 7.2 7.2 5.3 8.8 12.1
Unemployment (% of active population, eop) 5.8 5.2 6.8 5.8 5.2
Fiscal Balance (% of GDP) -0.2 -0.7 -6.9 -1.8 -3.7
Public Debt (% of GDP) 48.7 45.7 57.2 53.6 49.3
Money (ann. var. of M2 %) 8.8 8.7 16.9 8.8 5.3
Inflation (CPI, ann. var. %, eop) 1.1 3.4 2.4 8.6 16.6
Inflation (CPI, ann. var. %, aop) 1.7 2.3 3.4 5.1 14.3
Inflation (Core, ann. var. %, eop) 0.6 3.1 3.7 5.3 11.5
NBP Reference Rate (%, eop) 1.50 1.50 0.10 1.75 6.75
3-Month WIBOR (%, eop) 1.72 1.71 0.21 2.54 7.02
10-Year Bond Yield (%, eop) 2.81 2.07 1.25 3.64 6.92
Stock Market (ann. var. of WIG %) -9.5 0.2 -1.4 21.5 -17.1
Exchange Rate (PLN per USD, eop) 3.76 3.79 3.73 4.03 4.39
Exchange Rate (PLN per USD, aop) 3.61 3.84 3.90 3.86 4.46
Exchange Rate (PLN per EUR, eop) 4.29 4.25 4.56 4.58 4.68
Exchange Rate (PLN per EUR, aop) 4.26 4.30 4.44 4.57 4.69
Current Account Balance (EUR bn) -9.6 -1.2 12.9 -7.4 -15.7
Current Account Balance (% of GDP) -1.9 -0.2 2.4 -1.3 -2.4
Merchandise Trade Balance (EUR bn) -11.2 -4.4 7.0 -7.7 -24.3
Merchandise Exports (EUR bn) 205 220 221 264 322
Merchandise Imports (EUR bn) 216 225 214 271 346
Merchandise Exports (ann. var. %) 7.3 7.4 0.1 19.5 22.2
Merchandise Imports (ann. var. %) 10.4 3.8 -4.9 27.0 27.7
Foreign Direct Investment (EUR bn) 14.0 12.0 12.4 26.0 27.6
International Reserves (EUR bn) 102 115 126 147 156
International Reserves (months of imports) 5.7 6.1 7.1 6.5 5.4
External Debt (EUR bn) 317 317 307 323 348
External Debt (% of GDP) 63.6 59.5 58.4 56.1 53.1

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