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Concept
Economy of Poland
Summary
The economy of Poland is an industrialized, 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. Since 1988, Poland has pursued a policy of economic liberalization but retained an advanced public welfare system. This includes universal free public healthcare and education (including tertiary), extensive provisions of free public childcare and parental leave. 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 22nd worldwide in terms of GDP (PPP), 23rd in terms of GDP (nominal), and 23rd in the 2018 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%). Following the economic reform of 1989, Poland's external debt has increased from 365.2 billion in 2014. Poland shipped US221.4 billion. The country's top export goods include machinery, electronic equipment, vehicles, furniture, and plastics. Poland was the only economy in the EU to avoid a recession through the 2007–08 economic downturn.
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. Poland's GDP has increased seven-fold since 1990.
Poland has seen the largest increase in GDP per capita (more than 100%) both among the former Eastern Bloc countries, and compared to the EU-15 (around 45%). It has had uninterrupted economic growth since 1992, even after the financial crisis of 2007–2008.
This article discusses the economy of post-1989 Poland.
Official source
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