Poland – Economy & Trade
Poland amongst the EU leaders with GDP growth of 4.4%
Central Statistical Office of Poland (GUS) and Eurostat have published data on GDP, in the second quarter the Polish economy has grown significantly faster than the average of EU Member-States.
Poland’s economy topped analysts’ expectations and in the second quarter of 2017 (April-June period), the seasonally adjusted GDP of Poland improved by 4.4% year-on-year, as it maintained strong momentum from the previous quarter. The data from GUS has shown that the polish economy grew by 1.1% on a quarterly basis. In comparison, flash estimates of Eurostat shows that compared with the same quarter of the previous year, seasonally adjusted GDP of the entire EU28 rose by 1.3% in the second quarter of 2017, while GDP rose by 0.6% quarter-to-quarter in both the Euro area (EA19) and the EU28.
Both quarterly and annually, Poland’s GDP is one of the fastest growing in the European Union. During the last twelve months, only economies in Romania, Lithuania and the Czech Republic had been developing faster than the Polish one. On a quarterly basis, Sweden, the Netherlands, Latvia and the Czech Republic recorded slightly higher GDP rates than Poland.
(Source: GUS / Eurostat)
Foreign Trade – Poland first half of 2017
Polish exports increased by 8.4% while imports went up by 10.9%, recently announced by the Ministry of Economic Development in the first half of 2017. A faster increase of trade balance has also been noted with emerging markets, than with developed markets.
Polish exports grew by EUR 99.1 billion year-on-year and import to approx. EUR 98.2 billion year-on-year, in the first six months of this year. These strong imports has been stimulated by consumers’ demand and by the strengthening of the Polish currency (PLN), which caused the sustainability of imports. Despite that, the trade surplus was maintained and reached EUR 0.97 billion at the end of June 2017.
Polish export to EU countries has increased to around EUR 80 billion, with the fastest growth to the Netherlands (by 10.4%). Nevertheless, the most dynamic trade balance has been recorded with the countries from out with the EU, which has strengthened their position in the Polish exports between January-June 2017. The data shows, that the most significant increase of exports has been generated with China, Mexico and South Korea (they increase by about 20%). Also, GUS data shows that metal, mineral and chemical goods are the most exported products from Poland.
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