Poland - Country Commercial Guide
Market Overview
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Poland is an important and dynamic market located in the heart of Central Europe. American exporters and investors are drawn to Poland due to the country’s large population, well-educated and competitive workforce, strong prospects for economic growth, and location affording broader access to the European Union market of 448.4 million citizens.

With 38 million people, Poland is the largest single market among the “new” European Union (EU) states and 5th among all EU member 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. Poland shares a single market and many harmonized economic rules with the EU, while retaining its own currency and monetary policy.

With an estimated 2022 GDP of $688 billion (EUROSTAT), Poland is the EU’s sixth largest economy (EUROSTAT). According to the World Bank, Poland’s well-diversified economy is among Europe’s least affected by the COVID-19 pandemic. Following a GDP decline of 2.7% in 2020, GDP increased by 4.9% in 2022.  However, the Organization for Economic Cooperation and Development (OECD) forecasts that Poland’s GDP will slow to 0.9% growth 2023. This slowdown is mainly due to Russia’s full-scale invasion of Ukraine. The core inflation rate is expected to remain high in 2023 (approximately 10% according to the National Bank of Poland (NBP)). Fiscal policy will support economic activity, buoyed by spending from EU funds, but tightening monetary policy will limit economic growth. However, growing exports, household consumption, low unemployment (2.9% in 2022 – Statistics Poland), rising wages, and EU fund spending are the driving forces fueling the country’s still strong economic performance.  According to forecasts from the European Commission (EC), Poland’s economy will grow by 2.7 percent in 2024, while inflation should ease to 6.1% next year. According to the EC, “the main driver of growth in 2024 will be private consumption stimulated by weakening inflationary pressure and additional fiscal measures which increase the disposable income of households. Investments will have a positive impact on growth in 2024, although to a lesser extent, while the contribution of net exports and inventories will be rather neutral.” In addition, infrastructure spending and capital investment (with EU support) contribute to Poland’s economic growth. The EU budget for 2021-2027 provides €75 billion for Poland (in current prices), thereby making Poland the biggest net EU fund beneficiary among all the member states (European Commission).

Poland’s global goods exports in 2022 were valued at $343 billion and imports were valued at $359 billion.  Poland’s chief export markets in 2022 were: Germany 27.8%, Czech Republic 6.6%, France 5.7%, UK 4.9%, Italy 4.6%, and the Netherlands 4.6%. Poland’s chief import partners in the same period were: Germany 20.2%, China 14.7%, Italy 4.6%, United States 4.3%, and Russia 4.3% (Polish Development Fund). In 2022, bilateral trade in goods between Poland and the United States was approximately $11 billion (Census.gov). U.S. exports in goods increased from $5 billion in 2020 to $5.8 billion in 2021. However, Polish exports to the U.S. increased from $8.6 billion to $9.7 billion during the same period (Census.gov).  Poland now ranks as the United States’ 36th largest export market (ITA – Annual U.S. Goods Trade with Global Partners). There is abundant potential for U.S. firms in Poland. Poles continue to demonstrate a strong affinity for the United States and its products. This, in addition to the size and location of the domestic market, as well as the access it affords to the larger EU market, makes Poland a very promising export market for U.S. firms.

Poland is open to foreign direct investment (FDI), and U.S. companies represent one of the largest groups of foreign investors in the country at 12% of all FDI in Poland in 2021, contributing 4.1% to Poland’s GDP (AmCham database). U.S. companies operate in a wide range of industry sectors, employing 290,000 people in Poland (AmCham database). Leading sectors have historically included automotive, aerospace, information technology hardware and software, food products, transportation, pharmaceuticals, paper production, appliances, and financial services. Investment and export opportunities also exist in the energy sector as Poland seeks to diversify its energy mix, as well as in defense and digital technologies. Poland is also a popular location for business processing centers, including call centers, shared services centers, and research and development (R&D) operations.