Over two decades, Poland experienced the most stable high growth in the EU with an average rate of 3.7 percent a year, earning it the nickname … The country’s economy has been already labelled a miracle. Before WWII, Poland (then known as the Second Polish Republic), like many other Baltic nations, had agriculture as its primary economic activity. Since 1990 Poland has pursued a policy of economic liberalization and its economy was the only one in the EU to avoid a recession through the 2007-2008 economic downturn. Poland’s economy expanded 3.2% year-on-year in the fourth quarter of 2019, revised from a preliminary reading of 3.1% and easing from a 3.9% expansion in the previous period, the Warsaw-based Central Statistical Office (GUS) says. The Polish economy performed well during the 2014-17 period, with the real GDP growth rate generally exceeding 3%, in part because of increases in government social spending that have helped to accelerate consumer-driven growth. Poland’s gross domestic product (GDP) growth slowed in the third quarter, statistics office data showed, missing analysts’ estimates as weaker growth in construction and industry offset continuous strong domestic consumer demand. Its failure to address rule-of-law issues may prompt the EU to try to impose sanctions on Poland. Restoring Economic Freedom and Growth in Post-Virus Poland Poland’s economic freedom score is 69.1 (of 100), making its economy the 46th … WARSAW (Reuters) - Poland will return to economic growth in 2021, around 4.0%-4.5%, Finance Minister Tadeusz Koscinski said on Thursday. During the 2008-09 economic slowdown Poland was the only EU country to avoid a recession, in part because of the government’s loose fiscal policy combined with a commitment to rein in spending in the medium-term Poland is the largest recipient of EU development funds and their cyclical allocation can significantly impact the rate … In the near term, Poland … Since 1990, Poland has pursued a policy of economic liberalization. The economy of Poland is the sixth largest economy in the European Union and the largest among the former Eastern Bloc members of the European Union. Poland gdp growth rate for 2017 was 4.94%, a 1.87% increase from 2016. This followed two decades of solid growth, rising household incomes and declining inequality as Poland expanded its integration into global trade. Once it joined the EU in 2004, Poland benefited from a flood of EU structural funds, in some sense the equivalent of the post-war reconstruction money it had missed out on because of the onset of the Cold War. The Polish economy has been through two deep recessions that brought about a drop in economic activity, including investments, which then restricted the growth of economic potential in the country. Poland has seemingly defied the odds in the face of an ever-consuming debt crisis roiling the continent. As impressive as Poland’s ongoing GDP growth performance is — reaching 5% in 2018 and a projected 3.5-4% growth in 2019 and 2020 — Poland’s continued catch-up with the West will need to be supported by an upgraded growth model, which I call the “Warsaw Consensus.” If the policies of the Warsaw Consensus were implemented, Poland ought to be able to grow at more than 3% per year and catch up with the West within the life of the next generation. The Great Depression of the early 20th century worsened the already deplorable economic situation in the country. The … In 2019, the growth in real gross domestic product (GDP) in Poland was up 4.1 percent from the year before, continuing a trend of positive growth in GDP. The financial crisis that sent Europe’s established economies spiralling into recession barely registered here. In the third quarter of 2019, Poland’s economy grew by an annual 3.9 percent, with a quarter-to-quarter figure standing at 1.3 percent, the highest in the whole of the EU and over four times better than the EU average of 0.3 percent. while annual GDP growth was 4.6 percent between 1991 and 2008. While the rest of Europe fell into recession following the start of the global crisis in 2008, Poland kept growing. This page provides - Poland GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Poland gdp growth rate for 2018 was 5.35%, a 0.41% increase from 2017. On a quarterly basis, Poland's GDP grew by 7.9 percent, partially recovering from a 9.0 percent contraction in the previous period. Poland gdp growth rate for 2016 was 3.06%, a 0.78% decline from 2015. This page has economic forecasts for Poland including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Poland economy. It was the weakest growth rate since the last quarter of 2016. The Czech Republic grew by 2.5% year-on-year, slightly ahead of Slovakia (+1.8%), where authorities have warned of an imminent economic slowdown. But challenges loom on the horizon, including high unemployment, rising inflation, and growing fiscal deficits. Prior to the pandemic, Poland’s economy was performing very strongly, with 2019 growth at 4.5% and rates of poverty and unemployment at historic lows, well below the OECD average. Household consumption, fueled by increases in budgetary expenditures, a tight labor market, and rising wages, continued to grow. World Bank national accounts data, and OECD National Accounts data files. We forecast that real GDP growth will contract in 2020, owing to the global outbreak of the novel coronavirus, which will also severely affect external demand. About 70% of Poland’s population was farmers during this period, many of whom were small-scale subsistence farmers. An example of successful economic transition, Poland still enjoys fairly favourable prospects despite the expected slowing of growth against a background of less favourable international conditions. An example of successful economic transition, Poland still enjoys fairly favourable prospects despite the expected slowing of growth against a background of less favourable international conditions. Polish Jews were particularly poor, and many were no… That means an expected economic growth in Poland of 2.5 per cent and 2.9 per cent over the next two years. Data Source: World Bank MLA Citation: Poland was the only EU country to avoid recession as a result of the global financial crisis and is today the eighth-largest EU economy. Download Historical Data Save as Image. Poland - GDP GDP falls at slower rate in third quarter amid lifting of Covid-19 restrictions According to a preliminary estimate, the economy contracted at a milder pace in the third quarter, with GDP decreasing 1.6% on an annual basis following Q2’s record-breaking 8.4% slump. A 2019 report by the Warsaw School of Economics (SGH) argued that if Poland maintained the economic growth rate it had from 1990 to 2018, it would catch up with Germany in 21 years. Compared to the same quarter last year, Hungary takes the top spot as the fastest-growing economy in the bloc (+4.8%), followed by Poland (+4%), Bulgaria (+3.7%), Lithuania (+3.6%) and Romania (+3.2%). 2  In this article, we … GDP growth (annual %) - Poland. However, Hungary will almost certainly veto this. source: Central Statistical Office of Poland (GUS) GDP Annual Growth Rate in Poland averaged 4.02 percent from 1995 until 2020, reaching an all time high of 8.10 percent in the fourth quarter of 1996 and a record low of -8.40 percent in the second quarter of 2020. GDP Growth Rate in Poland averaged 0.97 percent from 1995 until 2020, reaching an all time high of 7.70 percent in the third quarter of 2020 and a record low of -8.90 percent in the second quarter of 2020. Before the coronavirus outbreak hit the global economy, Poland was among the fastest-growing economies in the European Union (EU). Between 2008 and 2011, the country enjoyed a cumulative growth of nearly 16 per cent, while, according to the European Commission, the region’s GDP is due to increase by over 1.4 per cent in 2014 and 2 per cent in 2015. Economy Latest Trend Ranking; Composite leading indicator (CLI) Indicator 99.40 Amplitude adjusted Long-term average = 100 Oct-2020 Poland Long-term average = 100 Household disposable income Indicator: 2.9 Net Annual growth rate (%) The World Bank predicts a gradual return to growth for Poland, estimating growth recovering to 2.2% in 2021 and 2.9% in 2022. The sixth-largest European economy was the only country in the EU not to fall into recession at the height of the global financial crisis in 2009 and the only member to experience economic growth in 2010. Since 1989, Poland’s economy has become almost three times larger. 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