Poland is now a member of the EU and in May 2004, they were conducting trade using the Central European Free Trade Agreement (CEFTA) and this included Slovakia, Hungary, the Czech Republic and Slovenia. Poland is the twenty-sixth largest export economy in the world and the twenty-first most complex economy according to the Economic Complexity Index (ECI). On average, Poland exports a yearly amount of $190B and imports around $200B, which results in a negative trade balance of around $10B. GDP of Poland was around $520B and its GDP per capita was around $23k. The main trading partner is its neighbour, Germany.

Chart Showing GDP Growth Compared to rest of world

Poland has emerged as a dynamic market over the past 25 years and has become a major actor within Europe, being the sixth-largest economy in the EU. The Polish economy performed well during the 2014-17 period, with the real GDP growth rate generally exceeding 3%. In 2017, Poland’s economy expanded 4.6% (OECD), its fastest pace since 2011 and above IMF estimates. Growth was led by domestic demand and government social spending. In fact, household consumption expenditure – which accounts for 61% of GDP – recorded its strongest growth in nearly a decade (4.7%). A stronger and more dynamic activity in Poland’s neighbours and in the EU have also supported such growth. The World Bank expects Poland’s economy to grow by 4% in 2018, followed by 3.5% in 2019.