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Economy of Poland

The Economy of Poland is the largest economy in Central Europe, sixth-largest in the EU and the largest among the ex-communist members of the European Union. Before the late-2000s recession its economy grew a yearly growth rate of over 6.0%.

Poland is ranked 20th worldwide in terms of GDP and classified as high-income economy by World Bank. The largest component of its economy is the service sector. With the economic reform of 1989 the Polish external debt increased from $42.2 billion in 1989 to $365.2 billion in 2014.

According to the Central Statistical Office of Poland, in 2010 the Polish economic growth rate was 3.9%, which was one of the best results in Europe. In Q1 2014 its economy grew by 3.4% and is expected to grow by 3.4% in 2014, 3.7% in 2015 and 3.9% in 2016.

Sectors

Agriculture

Agriculture employs 12.7% of the work force but contributes 3.8% to the gross domestic product (GDP), reflecting relatively low productivity. Unlike the industrial sector, Poland's agricultural sector remained largely in private hands during the decades of communist rule.

Poland is a net exporter of processed fruit and vegetables, meat, and dairy products. Processors often rely on imports to supplement domestic supplies of wheat, feed grains, vegetable oil, and protein meals, which are generally insufficient to meet domestic demand. However, Poland is the leading EU producer of potatoes and rye and is one of the world's largest producers of sugar beets and triticale. Poland also is a significant producer of rapeseed, grains, hogs, and cattle. Poland is the sixth largest producer and exporter of apples in the entire world.

Mining

Historically, mining industry in Poland had been extensive, particularly in Silesia.

Production industries

Before World War II,Poland's industrial base was concentrated in the coal, textile, chemical, machinery, iron, and steel sectors. Today it extends to fertilizers, petrochemicals, machine tools, electrical machinery, electronics, car manufacture and shipbuilding.

Pharmaceutics

The total value of the Polish pharmacy market in 2008 was PLN 24.1bn, 11.5% more than in 2007.

The non-prescription medicines market, which accounts for about one-third of the total market value, was worth PLN 7.5bn in 2008. This value includes drugs and non-drugs such as dietary supplements, cosmetics, dressings, dental materials, diagnostic tests and medical devices. The prescription medicines market was worth PLN 15.8bn.

Financial

The Polish banking sector is regulated by the Polish Financial Supervision Authority (PFSA).Poland's banking sector had 51 domestic banks, a network of 578 cooperative banks and 18 branches of foreign-owned banks. In addition, foreign investors had controlling stakes in nearly 40 commercial banks, which made up 68% of the banking capital.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Poland"

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