Economy of Poland

The economy of Poland is an industrialised, mixed economy with a developed market that serves as the sixth-largest in the European Union by nominal GDP and fifth-largest by GDP (PPP). Poland boasts the extensive public services characteristic of most developed economies. The country is considered by many to be a successful post-communist state. It is classified as a high-income economy by the World Bank, ranking 20th worldwide in terms of GDP (PPP), 21st in terms of GDP (nominal), and 21st in the 2023 Economic Complexity Index. The largest component of Poland's economy is the service sector (62.3%), followed by industry (34.2%) and agriculture (3.5%). Poland shipped US$224.6 billion worth of goods around the globe in 2017, while exports increased to US$221.4 billion. As of 2019, the Polish economy had been growing steadily for 28 years, a record high in the EU. This record was only surpassed by Australia in the world economy. GDP per capita at purchasing power parity has grown on average by 6% p.a. over the last 20 years, the highest in Central Europe.

Top Sectors in Poland

Mining in Poland

In 2019, the country was the 3rd largest world producer of rhenium; 5th largest producer of silver in the world; the 12th largest producer of copper; in addition to being the world's 14th largest producer of sulfur; in addition to being the world's 14th largest producer of salt.

Agriculture in Poland

Poland is a net exporter of processed fruit and vegetables, meat, and dairy products. However, Poland is the leading EU producer of potatoes and rye and is one of the world's largest producers of sugar beets and triticale. Poland is also a significant producer of rapeseed, grains, hogs, and cattle. Poland is the sixth-largest producer and exporter of apples in the entire world.

Tourism in Poland

Most tourist attractions in Poland are connected with natural environment, historic sites, and cultural events. They draw millions of tourists every year from all around the world. In 2016 the number of arrivals to Poland amounted to 80.5 million. 17.5 million of this number are arrivals considered for tourism purposes making it the 16th most visited country in the world. The most popular cities are KrakÃ³w, Warsaw, GdaÅ„sk, WrocÅ‚aw, ÅÃ³dÅº, PoznaÅ„, Szczecin, Lublin, ToruÅ„, Sopot, Zakopane, and the Wieliczka Salt Mine. Poland's main tourist offers consist of sightseeing within cities and out-of-town historical monuments, business trips, qualified tourism, agrotourism, mountain hiking (trekking), and climbing among others.

Transportation in Poland

Poland is served by an extensive network of railways. In most cities, the main railway station is located near a city centre and is well connected to the local transportation system. The rail network is very dense in western and northern Poland, while the eastern part of the country is less developed. The capital city, Warsaw, has the country's only rapid transit system: the Warsaw Metro. Poland's busiest airport is Warsaw Chopin Airport. Warsaw Chopin serves as the main international hub for Poland's flag carrier LOT Polish Airlines. In addition to Warsaw Chopin, WrocÅ‚aw, GdaÅ„sk, Katowice, KrakÃ³w, and PoznaÅ„ all have international airports. Poland has 412,264 km (256,170 mi) of public roads. Motorways and expressways are part of the national road network. As of January 2020, there are 4,000 km of motorways and expressways in use.

Poland - Key Economic Indicators

Exports & Imports

Poland's robust export sector is a key driver of economic growth. (i) Exports: Leading exports include machinery, electronic equipment, vehicles, furniture, and plastics (valued at $224.6 billion USD in 2017). Poland remains a major European exporter of these goods. (ii) Imports: Poland imports a variety of goods, including raw materials, fuels, and consumer products (valued at $221.4 billion USD in 2017).

Balance of Trade

Poland typically maintains a positive trade balance, where the value of exports surpasses the value of imports. This trend continued in 2022 with a surplus estimated around $10 billion USD. This surplus helps generate revenue and supports economic activity.

Infrastructure Development

Poland boasts a well-developed and continuously improving infrastructure network. (i) Roads: As of 2023, Poland's total road network exceeds 370,000 kilometers, with a mix of highways, expressways, and national roads. The government allocates funds for further expansion and modernization. (ii) Other Infrastructure: Developments are underway in other crucial areas. High-speed rail projects are in progress to improve connectivity. Poland is also investing in upgrading airports, power grids, and wastewater treatment facilities.

Fiscal Policy

Poland's fiscal policy aims for a balance between economic growth, managing public debt (around 46% of GDP in 2019), and social welfare programs. The government uses a combination of spending measures and tax adjustments to achieve these goals.

Monetary Policy

The National Bank of Poland (NBP) sets the country's monetary policy. The NBP focuses on maintaining price stability through interest rate adjustments and managing foreign exchange reserves.

Trade Agreements

Poland's membership in the European Union (EU) and participation in various trade agreements are significant advantages. This allows for duty-free access to a vast European market and fosters foreign investment.

Environmental Regulations

Poland recognizes the importance of environmental protection, particularly with air and water pollution being ongoing concerns. The country has implemented regulations to address these issues, but challenges remain in areas like waste management and sustainable resource utilization. There's a growing focus on renewable energy sources like wind and solar power to reduce reliance on fossil fuels.

Tax System in Poland

Capital gains tax: Capital gains tax rates in Poland vary depending on the asset and holding period. (i) For most assets held over one year: The rate is 19%. (ii) For assets held for less than one year: The rate may be higher, depending on the specific asset and income bracket. (iii) Corporate tax rate: The standard corporate tax rate in Poland is 19%. (iv) Sales tax (Value Added Tax - VAT): Poland has a Value Added Tax (VAT) of 23%, applied to most goods and services. However, lower rates (reduced VAT) of 8% and 5% apply to specific items like basic foodstuffs and pharmaceuticals.
Property tax: Property taxes in Poland depend on the type and location of the property. Rates typically range from 0.03% to 0.2% for residential properties and can be higher for commercial properties.
Payroll tax: Social security contributions in Poland are funded through a payroll tax system.
Tax deductions and credits: Poland offers some tax deductions and credits to reduce tax liability.
Tax compliance: Tax compliance in Poland has improved in recent years, but efforts are ongoing to further strengthen tax administration.
Tax burden: The overall tax burden in Poland is considered moderate compared to some developed countries. The government aims to balance revenue generation with fostering a business-friendly environment.

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