Poland: Improving steadily

Economic performance has been improving steadily, with growth of 5% combined with low inflation and plunging unemployment. Continuing strength in investment and exports should support robust growth in 2007 and 2008. Job creation is projected to maintain its recent momentum and to make significant further inroads in unemployment. Productivity gains are projected to be moderate, and, with rather faster wage increases, costs may push inflation towards the official target of 2.5%.
With a vigorous expansion well established and inflation set to move higher, an expected monetary tightening in 2007 will be appropriate. The projected fiscal outcome for 2006 is encouraging, but budgetary consolidation and rationalisation of expenditure planning need to be pursued further to take full advantage of higher growth.
Population (000s), 2005 38 161
Area (000 sq km) 313
Currency Zloty
GDP (Billion USD), 2005 487.3
Life expectancy at birth (Women, Men), 2005 79.2, 70.7
Total labour force (000s), 2005 17 218
Government type Republic
Indicators % change unless otherwise indicated
2006 2007 2008
GDP growth 5.1 5.1 4.8
Consumer price index 1.4 1.9 2.3
Unemployment rate (%) 14.2 12.6 11.3
General government financial balance after reclassification* (% GDP) -4.1 -3.8 -3.6
Current account balance (% GDP) -2.1 -1.9 -1.5
* After 2007 Eurostat reclassification to exclude defined-contribution funded pension revenuesSource: OECD©OECD Observer No. 258/259, December 2006

Economic data

GDP growth: -9.8% Q2/Q1 2020 2020
Consumer price inflation: 1.3% Sep 2020 annual
Trade (G20): -17.7% exp, -16.7% imp, Q2/Q1 2020
Unemployment: 7.3% Sep 2020
Last update: 10 Nov 2020

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