Poland Economic Data & Projections

Poland Economic Outlook

Central Europe’s economic engine:

Poland, the largest economy in Central and Eastern Europe with a GDP of over USD 750 billion, has been one of the region’s most dynamic growth stories. The country has consistently outperformed the EU average in terms of economic expansion, benefiting from a large domestic market, a strong manufacturing base, and inflows of EU structural funds. However, growth slowed in 2023 due to high inflation, weak consumer demand, and tighter monetary policy. Despite these challenges, Poland remains an attractive destination for foreign investment.

Industrial strength and trade ties:

Manufacturing and exports are key drivers of the Polish economy, with major industries including automotive production, machinery, and electronics. The country has also developed a thriving business services sector, attracting multinational companies to cities like Warsaw, Kraków, and Wroclaw. Poland’s trade is heavily integrated with the EU, particularly Germany, but it has also expanded economic ties with the U.S. and Asia. The country’s role as a key logistics hub has been further reinforced by the reconfiguration of supply chains in response to Russia’s war in Ukraine.

Challenges:

Despite its resilience, Poland’s economy faces several structural issues, including labor shortages, an aging population, and legal disputes with the EU that have delayed funding. Inflation peaked above 17% in 2022 before gradually easing, but high interest rates have dampened investment. Additionally, while Poland has welcomed millions of Ukrainian refugees, integrating them into the labor force remains a challenge. Political uncertainty also affects investor sentiment, particularly regarding rule-of-law concerns and EU relations.

Poland’s economic outlook:

Poland’s economy is expected to return to stronger growth in the coming years as inflation stabilizes and domestic consumption recovers. EU funds will continue to support infrastructure and green energy investments, while nearshoring trends should boost industrial output. However, maintaining competitiveness will require addressing demographic challenges and sustaining foreign investment. Poland’s long-term prospects remain strong, provided it continues its economic modernization and EU integration.

Poland's Macroeconomic Analysis:

Nominal GDP of USD 909 billion in 2024.

Nominal GDP of USD 810 billion in 2023.

GDP per capita of USD 22,029 compared to the global average of USD 10,589.

GDP per capita of USD 24,819 compared to the global average of USD 10,589.

Average real GDP growth of 3.7% over the last decade.

Average real GDP growth of 3.6% over the last decade.

Sector Analysis

In 2022, services accounted for 58.8% of overall GDP, manufacturing 16.2%, other industrial activity 22.1%, and agriculture 2.9%. Looking at GDP by expenditure, private consumption accounted for 57.2% of GDP in 2023, government consumption 18.6%, fixed investment 18.1%, and net exports 6.1%.

International trade

In 2023, manufactured products made up 77.0% of total merchandise exports, mineral fuels 3.2%, food 15.3%, ores and metals 3.2% and agricultural raw materials 1.0%, with other categories accounting for 0.3% of the total. In the same period, manufactured products made up 73.9% of total merchandise imports, mineral fuels 9.7%, food 9.8%, ores and metals 3.2% and agricultural raw materials 1.3%, with other goods accounting for 2.1% of the total. Total exports were worth USD 360 billion in 2024, while total imports were USD 366.90 billion.