Poland is an important and dynamic market located in the heart of Central Europe. Foreign investors are drawn to Poland due its large population, well-educated and competitive workforce, strong prospects for economic growth, and location affording broad access to the European Union market of 500 million.
With approximately 38 million people, Poland is the largest single market among the “new” European Union (EU) states. Poland joined the EU in 2004, and its adoption of EU legislation has led to economic reforms that have improved the environment for business and boosted economic growth.
With an estimated 2020 GDP of $594.2 billion, Poland is the EU’s tenth largest economy (6th by PPP). According to the World Bank, Poland’s well-diversified economy is among Europe’s least affected by the COVID-19 pandemic.
The economy of Poland is an industrialized, mixed economy with a developed market that serves as the sixth largest in the European Union by nominal GDP and fifth largest by GDP (PPP). Since 1988, Poland has pursued a policy of economic liberalization. The country represents the greatest success story of all the post-communist states. Its economy was the only one in the EU to avoid a recession through the 2007–08 economic downturn.
As of 2019, the Polish economy had been growing steadily for 28 years, a record high in the EU. This record was only surpassed by Australia in the world economy. GDP per capita at purchasing power parity has grown on average by 6% per annum over the last 20 years, being the most impressive performance in Central Europe.
Poland is one of the key immigration destinations in the EU having attracted more non-EU immigrants than any other EU country for a few consecutive years.
Poland is classified as a high-income economy by the World Bank, ranking 19th worldwide in terms of GDP (PPP) and 22nd in terms of GDP (nominal). Poland has a highly diverse economy that ranks 21st in the 2017 Economic Complexity Index.
The largest component of its economy is the service sector, followed by industry and agriculture. With the economic reform of 1989, the Polish external debt increased from $42.2 billion in 1989 to $365.2 billion in 2014. Poland shipped US$224.6 billion worth of goods around the globe in 2017, while exports increased to US$221.4 billion. The country’s top export goods include machinery, electronic equipment, vehicles, furniture, and plastics.
Poland is a member state of the United Nations, the World Trade Organization, NATO, and the European Union (including the Schengen Area).
SMEs play a significant role to the Polish economy. The SME sector in Poland is defined as firms with between 10 and 249 employees.
In 2020, SMEs generated 67.7% of total employment, slightly above the EU average of 65.2%. SME productivity, defined as value added per person employed, was around EUR 20 700, less than half the EU average of EUR 40 000.
In 2021, it was recorded that 1, 976, 197 businesses in Poland are SMEs, which makes up 99.8% of businesses active in the country’s market. SMEs also account for 67.7% of the country’s employment, which is around 6,635,864 employees.
In terms of market value, SMEs in Poland contribute around 137.4 billion euros, which makes up around 53% of the country’s GDP.
Polish złoty (PLN)
Central European Standard Time (GMT+1)
1 January – 31 December
National Minimum Wage:
2,000 PLN per month ($475)
Taxpayer Identification Numbers:
Tax Identification Number (NIP)
Identification (PESEL) number
Main trading partners (2021):
Germany, Czech Republic, UK, France, Italy, China, Russia, and the Netherlands.