Economy

In the recent years Poland, unlike other EU countries, has not experienced recession. In 2009 while all other EU countries registered a decline in GDP in comparison to the previous year, Polish GDP increased by 1,6%.

In 2010 GDP growth amounted to 3,9% and was one of the highest in the EU. In 2011 Poland also is going to be in the lead concerning the development dynamics. Estimated GDP growth is to reach 4,0% - the same as in the case of e.g. Sweden.

 
Foreign Trade

Polish Exports

In the years 2000- 2010 Poland’s exports value increased nearly 3,5 times. Particularly high growth was registered in the first years after the EU accession. It exceeded then 20% per year. In 2009 Poland experienced a decline in foreign trade, due to the financial crisis. However, in the following year exports value once again increased by 20% year to year.

The major trade partner of Poland - in respect of both exports and imports value - has been continually Germany. Its share in Poland’s exports in the first 10 months of the year 2010 amounted to 26,2% (29,56 EUR bn). 

Polish Imports

The fluctuations of Polish imports are similar to these of the exports. Over the last 10 years its value also has increased considerably. In 2010 it exceeded 250% of its value in 2000. In this case the pace of growth also considerably rose in the aftermath of the EU accession. In 2006 it reached the level of 24,1%.

In 2009 the crisis caused a decline in the imports value by more than 24% but in the next year an increase amounted to 24,8%, which is the highest value that has been reached in the recent years.

The share of Germany, which is the biggest Poland’s trade partner, in imports value in the last 10 months of the 2011 amounted to 22,1% (27,53 EUR bn).

Inflation

In November 2011 inflation rate amounted to 4,8% annually. In comparison to the previous month, prices grew by 0,7%. The inflation rate exceeded the inflation target determined by the Monetary Policy Council which amounts to 2,5%.

The inflation rate was mostly influenced (annually) by the growth of:

• goods’ and services’ prices in transport - by 11,0% (inflation rate increased by 0,99 percentage point)
  
• accomondation fees - by 6,1% (1,57 percentage points)
  
• food prices - by 4,5% (0,99 percentage points).
   

Unemployment

In the recent years the unemployment rate fell considerably in comparison to the period just before and after accession to the EU. A considerable economic growth that increased demand for work was one of the main reasons for this decline.

In November 2011 the registered unemployment rate in Poland amounted to 12,1% and was lower by 0,3 percentage points than at the end of the previous year. In general there were 1,9 mn people remaining without job. The highest number of the unemployed was in the warmiñko-mazurskie (19,4%) and zachdniopomorskie (17,0%) voivodeships. The lowest rate was registered in ¶l±skie (9,9%) and mazowieckie (9,6%) voivodeships.

An average monthly remuneration in private sector in November 2011 amounted to 3 682,19 PLN (around 832 EUR).