Adriana Sas
Research expert covering the Polish market
Economy of Poland - statistics & facts
The last 30 years have witnessed Poland's greatest economic success in the history of its independence. Between 1990 and 2018, the country's gross domestic product (GDP) grew nearly eightfold. The Polish economy has also shown strong resilience to the financial crisis in 2008 and the coronavirus (COVID-19) pandemic in 2020. GDP per capita in purchasing power standards (PPS) has risen from 60 percent of the European Union (EU) average in 2009 to 79 percent in 2022. Moreover, Poland's GDP amounted to more than 654 billion euros, ranking eighth in Europe and first among Central and Eastern European countries.
Despite increasing government revenue and sealing the VAT tax gap to its lowest level since 2008, Poland's economy is struggling with growing public debt. The COVID-19 pandemic government aid programs to stimulate the economy and support entrepreneurs have caused a sharp increase in public debt, which reached 57.2 percent of GDP in 2020. In 2022, the debt fell to 49.1 percent. For comparison, the appropriate level of the national debt is assumed to be a limit of 60 percent of GDP.
Continuously since 1990, Germany has been Poland's leading trading partner. However, Germany's share of exports has declined by more than nine percentage points since 1995. Nevertheless, the value of exports with Germany amounted to 98.1 billion euros in 2023. In comparison, exports of goods to France amounted to 21.5 billion euros and the USA to 10.9 billion euros. Poland is also one of Germany's main trading partners. The country's share of exports to Poland was 5.8 percent in 2022, worth 92.7 billion euros.
Poland's economic development
In 2022, Poland's GDP value grew to 3.08 trillion zloty. The real GDP in Poland is expected to reach three percent in 2024. The GDP rate fell by two percent in 2020 due to the COVID-19 pandemic. The pandemic has also significantly affected the labor market. Many industries' lockdowns caused the registered unemployment rate to rise in 2020 for the first time since 2013. Despite this, Poland is a country that has one of the lowest unemployment rates compared to EU countries.Despite increasing government revenue and sealing the VAT tax gap to its lowest level since 2008, Poland's economy is struggling with growing public debt. The COVID-19 pandemic government aid programs to stimulate the economy and support entrepreneurs have caused a sharp increase in public debt, which reached 57.2 percent of GDP in 2020. In 2022, the debt fell to 49.1 percent. For comparison, the appropriate level of the national debt is assumed to be a limit of 60 percent of GDP.
Polish exports
Since 2015, Polish foreign trade has recorded a surplus in the exchange of goods with foreign countries, which means more exported goods than imported. The COVID-19 pandemic has not hampered Polish exports. In 2020, the surplus reached a record value of 47.2 billion zloty, and exports increased by almost one percent, amounting to about 240 billion euros. In 2023, the balance in foreign trade was positive at 48.6 billion zloty. The country's main exports are machinery and transport equipment, furniture, apparel, and prepared foodstuffs.Continuously since 1990, Germany has been Poland's leading trading partner. However, Germany's share of exports has declined by more than nine percentage points since 1995. Nevertheless, the value of exports with Germany amounted to 98.1 billion euros in 2023. In comparison, exports of goods to France amounted to 21.5 billion euros and the USA to 10.9 billion euros. Poland is also one of Germany's main trading partners. The country's share of exports to Poland was 5.8 percent in 2022, worth 92.7 billion euros.
