Poland Economy – Q3 2017

Poland’s economy grew by a stunning 4.9% in Q3 2017 – much faster than any analysts predicted, this follows 4.0% in Q2 and 4.1% in Q1. British Polish Chamber of Commerce (BPCC) members are reporting that business is very good, but staff retention is becoming more challenging. getsix^® as a BPCC member is very proud of Poland’s recent economic achievements, and it looks set to continue.

• Unemployment is at a record low, with a claimant rate of 6.5% (and economic inactivity at 4.6% of the workforce);
• The budget deficit is lower than planned, there is – for the first time ever – a small current account surplus;
• Poland has a strong, diverse and sustainable economy, based on the three strong legs of public and private investment, growing exports of manufactured goods, robust domestic consumer demand and manageable private-sector borrowing;
• Looking ahead for the next 15-20 years, Poland’s economy has the potential to continue to grow at a faster pace than that of western Europe, a point made in McKinsey & Company’s recent report Poland 2025: Europe’s New Growth Engine;
• With a high quality of secondary education in Poland continues to encourage the BPO sector to invest in service centres in Poland, as does the high level of foreign language proficiency among younger Poles (Poland was ranked tenth in the world in the 2016 English Proficiency Index by language training company EF, with ‘high’ proficiency); and
• Poland will receive over €83 billion from Brussels in the form of structural and cohesion funds for the 2014-2020 EU budget perspective, of which some €28 billion has been earmarked for transport infrastructure (with a marked focus on rail).

https://bpcc.org.pl/en/news/macroeconomic-overview-end-november-2017
https://ec.europa.eu/eurostat

(Source: British Polish Chamber of Commerce)

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