Economy in Poland

Day stands out as one of the most successful and open transition economies. The privatization of small and medium state- companies and a liberal law on establishing new firms marked the rapid development of a private sector now responsible for at least two-thirds of economic activity. In contrast to the vibrant expansion of private non-farm activity the large agriculture component remains handicapped by structural problems surplus labor inefficient small farms and lack of investment. The gonomic policies. Improving Poland's worsening current account deficit also is a priority. To date the government has resisted pressure for protectionist solutions and continues to support regional free trade initiatives. The government export strategy emphasizes a more aggressive export assistance program. Warsaw continues to hold the budget deficit to less than 2% of GDP. Further progress on public finance depends mainly on comprehensive reform of the social welfare system and privatization of Poland's remaining state sector. Restructuring and privatization of "sensitive sectors" (e.g. coal steel) has been delayed. Long-awaited privatizations in aviation energy and telecommunications are scheduled for 1998.

GDP: purchasing power parity—$280.7 billion (1997 est.)

GDP—real growth rate: 5.6% (2005 est.)

GDP—per capita: purchasing power parity—$11 250 (2005 est.)

GDP—composition by sector:

agriculture: 6.6%

industry: 34.9%

services: 58.5% (1996 est.)

Inflation rate—consumer price index: 15% (1997 est.)

Labor force:

total: 17.7 million (1997 est.)

by occupation: industry and construction 29.9% agriculture 26% services 44.1% (1996)

Unemployment rate: 20% (2003)

Budget:

revenues: $33.8 billion

expenditures: $35.5 billion including capital expenditures of $NA (1997 est.)

Industries: machine building iron and steel coal mining chemicals shipbuilding food processing glass beverages textiles

Industrial production growth rate: 11.2% (1997 est.)

Electricity—capacity: 33.5 million kW (1997 est.)

Electricity—production: 142 billion kWh (1997 est.)

Electricity—consumption per capita: 3 360 kWh (1995)

Agriculture—products: potatoes milk cheese fruits vegetables wheat; poultry and eggs; pork beef

Exports:

total value: $26.4 billion (f.o.b. 1997 est.)

commodities: intermediate goods 38% machinery and transport equipment 23% consumer goods 21% foodstuffs 10% fuels 7% (1996 est.)

partners: Germany 34.5% Russia 6.8% France 5.9% Italy 5.6% US 4.8% Netherlands 4.1% (1996)

Imports:

total value: $44.5 billion (f.o.b. 1997 est.)

commodities: machinery and transport equipment 32% intermediate goods 20% chemicals 15% consumer goods 9% food 9% fuels 8% (1996 est.)

partners: Germany 26.5% Italy 10.4% Russia 7.3% UK 6.3% Netherlands 4.8% France 4.4% (1996)

Debt—external: $43 billion (1997 est.)

Economic aid:

recipient: US $210 million (1995-97)

Currency: 1 zloty (Zl) = 100 groszy

Exchange rates: zlotych (Zl) per US$1—3.54 (January 1998) 3.2793 (1997) 2.6961 (1996) 2.4250 (1995); note—a currency reform on 1 January 1995 replaced 10 000 old zlotys with 1 new zloty; 22 723 (1994) 18 115 (1993) 13 626 (1992)

Fiscal year: calendar year