Poland's Macroeconomic Analysis:
Nominal GDP of USD 812 billion in 2023.
Nominal GDP of USD 688 billion in 2022.
GDP per capita of USD 18,269 compared to the global average of USD 10,589.
GDP per capita of USD 22,084 compared to the global average of USD 10,589.
Average real GDP growth of 3.5% over the last decade.
Average real GDP growth of 3.5% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in Poland
A flash estimate revealed that the economy shifted into a lower gear in Q3, as markets had broadly expected: Annual GDP growth fell to 2.7% (Q2: +3.2% yoy). Absent a detailed breakdown, available data suggests that the moderation was broad-based. On the domestic side, retail sales decelerated, dampened by higher average inflation compared to Q2 plus slowing nominal wage growth. Additionally, industrial output growth eased from Q2, the construction sector remained in contraction, and investment likely suffered from still-elevated interest rates. On the external front, a deteriorating trade balance compared to Q2 bodes ill for net exports. In Q4, our panelists expect GDP growth to reach an over two-year high. That said, domestic demand is set to remain under pressure from high interest rates plus projected upticks in inflation and the unemployment rate in the quarter.Poland Economic Forecasts
Projections out to 2034.60 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 42 expert analysts.
Want to get insight on the economic outlook for Poland in the coming years? FocusEconomics collects projections out to 2034 on 60 economic indicators for Poland from a panel of 42 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.