Economy
Poland has a stable economy with a well-established macroeconomic position. Unique conditions for starting and running a business are reinforced by well-proven resilience to economic crises.
The attractiveness of Poland as an economic partner is due to a number of factors, such as:
- Ambitious and hardworking population. The greatest asset of Poland are its people. In particular their ambition, strong motivation for learning and high work ethic, loyalty and extraordinary resourcefulness.
This is demonstrated by i.a. the indicator of entrepreneurial intentions – 20% of adult Poles currently taking no action to start up a business plan to start up a business within 3 years (the average for the European Union is 13.0 %).
The above-average resourcefulness of Poles is also proven by the percentage of persons starting up or running early-stage entrepreneurial activity (TEA). In Poland it amounts to 9.2% of the adult population, while in the EU to 7.8%.
Compared to the European Union, Poles also assess their entrepreneurial capabilities better with 56% of adult Poles on average perceiving them positively, while the indicator for the EU stands at 43%.
Source: S. Singer, J.E. Amoros, D. Moska, Global Entrepreneurship Monitor 2015/16 Global Report, 2016. - Diversification of the economy. Diversification of production, service and agricultural enterprises. There is no problem in finding commercial partners in such sectors as automotive industry, aircraft manufacturing, IT, food processing, electronics or finance.
In Poland, there are 1.91 million companies, out of which 99.8% are SMEs. The majority of them provide services (970,800, i.e. 50.7% of companies). The second most popular sector is trade (499,400, i.e. 26.2% of companies), followed by construction (244,100, 26.1%) and industry (199,800, 10.4% of enterprises).
Source: Own calculations of PARP based on CSO’s publication Activity of non-financial enterprises in 2015, Central Statistical Office 2016 (sections B-J, L-N, P-S PKD 2007). - Macroeconomic stability. Healthy public finances, as well as economic stability and predictability, which enable long-term planning of economic cooperation. Poland, as the only country in Europe, managed to avoid the crisis and its public finances are much stronger than the EU average.
High quality of goods and services offered. Flexibility of entrepreneurs in meeting even the strictest quality and sectoral standards. - Infrastructural investments. Business opportunities are created by modernisation of infrastructure, including road and railway transport infrastructure, as well as energy infrastructure, on a unique scale in Europe.
- A large internal market and access to the European market. Poland is the largest country in Central and Eastern Europe and the 6th largest country in Europe as a whole. It comprises almost 39 million consumers in Poland and an easy access to the European Union market with 500 million consumers, as well as to the markets of Eastern Europe countries.
Poland’s attractiveness for investment is best demonstrated by data on investments:
- EUR 159 billion – value of foreign direct investment stock at the end of 2014 (NBP).
- The EY’s report European Attractiveness Survey 2016 found Poland to be the 5th most attractive FDI destination (15% of responses) in Europe (the first in the CEE). Poland was outdone only by Germany, the UK, France and the Netherlands.
Economic data (Central Statistical Office, as at the end of 2015)
- GDP per capita – 68% of the EU average
- GDP value – USD 474.8 billion (current prices)
- GDP economic growth 3.6%
- Annual inflation -0.9%
- Exports – USD 190.7 billion
- Public debt/GDP 51.3% (at the end of the year)
- Public debt/GDP 9.8% (at the end of the year)
Practical information
Emergency phone numbers
999 – Ambulance
998 – Fire
997 – Police
112 – general emergency phone number for mobile phone users
Currency
The Polish currency is the Polish złoty (PLN), subdivided into grosze. Polish złoty coins: 1, 2, 5 złoty and 1, 2, 5, 10, 20, 50 grosz; and banknotes: 10-, 20-, 50-, 100-, 200-złoty. It is best to exchange currency at the banks or currency exchange bureaux. Credit cards are accepted in shops, travel agencies, flight booking agencies, petrol stations, etc. If your credit card has been lost, report it immediately by calling the following phone numbers +48 22 515 31 50 or +48 22 515 30 00 (24/7).
Road traffic regulations
Traffic regulations are compliant with those in other EU countries. Speed limits on Polish roads:
50 km/h for all vehicles in built-up areas during the day
60 km/h for all vehicles in built-up areas from 6:00 pm to 6:00 am
130 km/h on motorways
110 km/h on expressways
90 km/h on dual carriageways outside urban areas
The international driving licence is accepted.
National holidays and non-working days
During the week: Saturdays and Sundays are non-working days. During the year: New Year's Day (1 January), Epiphany (6 January), Easter – movable (Sunday and Monday), Labour Day (1 May), Constitution Day (3 May), Corpus Christi (Church holiday, movable, always on Thursday, 60 days after Easter), Assumption of the Blessed Virgin Mary (15 August), All Saints’ Day (1 November), Independence Day (11 November), Christmas (25–26 December).
Tourist information
Tourist information centres are located near railway stations, at airports or in city centres. They are market with a letter "i" (or sometimes IT). Standard opening hours are from 8:00 am to 4:00 pm. In the peak season (June-August) or during weekends, the tourist information centres are open even until 9:00 pm. You may obtain information in person, by phone or by e-mail. Tourist information centres provide information about tourist attractions, assist in planning the sightseeing route, help in finding accommodation, provide information about public transport fees and about cultural events. They offer free-of-charge city plans, leaflets with information about cities and regions, information booklets and guidebooks. You can also order a taxi, book a table at a restaurant or obtain help in renting a car at a touring information centre.
The list of tourist information centres is available at: https://www.polska.travel/pl/informacja-turystyczna/
Facts & figures
Location: Central Europe, on the Baltic Sea coast
Borders: (N) Russia – Kaliningrad Oblast, (N-E) Lithuania, (E) Ukraine and Belarus, (S) Czech Republic and Slovakia, (W) Germany
Capital city: Warsaw with population of 1,729,119 Other major cities: Kraków, Łódź, Wrocław, Poznań, Gdańsk
Area: 312,679 km² In terms of area, Poland is the 9th largest country in Europe and 70th in the world.
Population density: 38,161 (123 persons per km²). In terms of population, Poland is the 6th country in Europe and 34th in the world.
Ethnic groups: Poles 97.09%
Official language: Polish
Time zone: GMT+01:00
Currency: Polish zloty (PLN)
Political system: parliamentary republic
Head of the state: President Andrzej Duda
International relations: Schengen (2007), EU (2004), NATO (1999), OECD (1996), WTO (1995), UN (1945)
Human Development Index (2014): 35th position among 182 countries
Quality of Life Index (2014): 33rd position among 195 countries
Index of Economic Freedom (2014): 74th position among 178 countries
Geography
The hottest month: July (27°C), the coldest month: December (-10°C)
Distance between N and S – 649 km, between E and W – 689 km
Length of borders: 3511 km, coastline: 440 km
N – the Baltic Sea. S – mountain ranges: the Sudetes and the Carpathians.
Forests cover 29.2% of the country’s area.
Facts & figures
Location: Central Europe, on the Baltic Sea coast
Borders: (N) Russia – Kaliningrad Oblast, (N-E) Lithuania, (E) Ukraine and Belarus, (S) Czech Republic and Slovakia, (W) Germany
Capital city: Warsaw with population of 1,729,119
Other major cities: Kraków, Łódź, Wrocław, Poznań, Gdańsk
Area: 312,679 km² In terms of area, Poland is the 9th largest country in Europe and 70th in the world.
Population density: 38,161 (123 persons per km²). In terms of population, Poland is the 6th country in Europe and 34th in the world.
Ethnic groups: Poles 97.09%
Official language: Polish
Time zone: GMT+01:00
Currency: Polish zloty (PLN)
Political system: parliamentary republic
Head of the state: President Andrzej Duda
International relations: Schengen (2007), EU (2004), NATO (1999), OECD (1996), WTO (1995), UN (1945)
Human Development Index (2014): 35th position among 182 countries
Quality of Life Index (2014): 33rd position among 195 countries
Index of Economic Freedom (2014): 74th position among 178 countries
Geography
The hottest month: July (27°C), the coldest month: December (-10°C)
Distance between N and S – 649 km, between E and W – 689 km
Length of borders: 3511 km, coastline: 440 km
N – the Baltic Sea. S – mountain ranges: the Sudetes and the Carpathians.
Forests cover 29.2% of the country’s area.
Business in Poland
Poland is the 25th largest market in the world with regards to population, one of the biggest EU member states, the 6th most populated country in the European Union and the biggest market in the region of Central and Eastern Europe with regards to GDP. The Polish market is not only large and varied but it is much more dynamic than other markets in the region. Poland’s position is being strengthened year after year by rapid economic growth and the subsequent increases in rates of pay.
According to the European Commission data for 2015 Poland was one of the fastest growing countries in the EU. Only Ireland, Luxembourg, Malta, Czech Republic, Romania and Sweden recorded higher rates of GDP growth. While on average the size of GDP in the EU increased by 2.0% in 2015, the Polish economy grew by 3.6%. According to the Spring 2016 forecast by the European Commission, GDP growth in Poland is expected to accelerate to 3.6% in 2017. This figure is far above the growth forecasts for the EU as a whole, which is expected to grow by only 1.9% in 2017.
Fiscal prudence and keeping the economy growing in recent years have also enabled the Polish government to keep the level of public debt within reasonable limits – in 2015 the consolidated public debt of Poland amounted to 51.3% of GDP while for EU28 countries it reached 86.8%. It is a positive change when compared to 56% in 2013. It means that Poland has successfully passed the tests that all European economies have been recently subject to.
Poland enjoys a good competitive position and high attractiveness as a production site. Producers have unlimited access to the whole European market and they enjoy access to quickly improving infrastructure. The cost of labour, although gradually increasing, is still low and represents only a fraction of Western European levels, but the quality and consequently the productivity of Polish workers is constantly improving, making it one of the most competitive countries in Europe.
According to the E&Y Attractiveness Survey Europe 2016, Poland is ranked 7th in Europe in terms of number of FDI projects (with a 60% increase compared to 2014) and the first one in Central and Eastern Europe. The report highlighted the fact that in 2015, foreign direct investments (FDI) have created 27% more new jobs than the year before. The sheer number of new jobs (19,651) ranks Poland second on the continent after the United Kingdom (42,336)) and before Germany (17,126).
Source: “Why Poland?”, PAIIZ