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Poland
Chamber of Commerce Country Factsheet Last update: 15.05.2017

Your advisors at the Chamber of Commerce

  • Steven Koener
    +352423939379
  • Diana Rutledge
    +352423939335
Contact us: europe@cc.lu

Key Indicators

Area
312,685 km2
Population
38,562,189 (July 2015 est.)
Government type
republic
Languages
Polish (official) 97.8%, other and unspecified 2.2% (2002 census)
GDP
$1.005 trillion (2015 est.)
Growth rate
3.6% (2015 est.)
HDI
36
Capital
Warsaw

 

Introduction

Poland's history as a state begins near the middle of the 10th century. By the mid-16th century, the Polish-Lithuanian Commonwealth ruled a vast tract of land in central and eastern Europe. During the 18th century, internal disorders weakened the nation, and in a series of agreements between 1772 and 1795, Russia, Prussia, and Austria partitioned Poland among themselves. Poland regained its independence in 1918 only to be overrun by Germany and the Soviet Union in World War II. It became a Soviet satellite state following the war, but its government was comparatively tolerant and progressive. Labor turmoil in 1980 led to the formation of the independent trade union "Solidarity" that over time became a political force with over ten million members. Free elections in 1989 and 1990 won Solidarity control of the parliament and the presidency, bringing the Communist era to a close. A "shock therapy" program during the early 1990s enabled the country to transform its economy into one of the most robust in Central Europe. Poland joined NATO in 1999 and the European Union in 2004. With its transformation to a democratic, market-oriented country largely completed, Poland is an increasingly active member of Euro-Atlantic organizations.

Source: The CIA World Factbook - Poland

 

Macroeconomic indicators

Real GDP growth is projected to increase from around 3% in 2016 to 3½ per cent in 2017. Rising employment and wages, higher social transfers and low energy prices will support faster consumption growth. Easy credit conditions, and a pick-up in infrastructure investment supported by EU funds in 2017, will also underpin stronger investment. Consumer price inflation is projected to gradually rise, as energy prices stabilise and the labour market tightens.

The central bank should start increasing interest rates robust growth absorbs the remaining economic slack and price pressures emerge in late 2017. Additional fiscal consolidation would help finance new social spending and investment in infrastructure and skills over the longer term. Enhancing employment incentives for women and older workers, as well as increasing green taxes, would raise fiscal revenues, with positive effects on potential growth and environmental outcomes.

Planned investments in infrastructure, notably public transport, will strengthen productivity growth and well-being. At the same time, developing the rental housing market and life-long training opportunities would enhance workers’ mobility and skills, reducing inequality. Easing regulatory barriers to firms’ entry and growth would also improve prospects for young, dynamic firms and raise productivity.

Source: OECD - Economic Forecast

IMF Statistics:

Subject descriptor20142015201620172018
Gross domestic product, constant prices
Percent change
3.2833.6503.1273.3663.316
Gross domestic product, current prices
U.S. dollars (Billions)
544.877474.775467.350488.423517.149
Gross domestic product per capita, current prices
U.S. dollars (Units)
14,332.13012,492.22312,309.29512,866.71013,627.796
Inflation, average consumer prices
Percent change
-0.025-0.933-0.6331.0531.860
Volume of imports of goods and services
Percent change
10.0256.3489.2176.7556.400
Volume of exports of goods and services
Percent change
6.4196.8388.4915.7275.600
Unemployment rate
Percent of total labor force
8.9887.5016.3416.1736.145
Current account balance
U.S. dollars (Billions)
-11.125-1.117-0.250-4.827-8.258
Current account balance
Percent of GDP
-2.042-0.235-0.054-0.988-1.597
Colored cells are estimates

Source: IMF Statistics - Poland

 

Luxembourg and the country

Existing conventions and agreements

Non double taxation agreement

In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.

  • Convention from 14.6.1995 (Memorial 1996, A, p. 883)
  • Effective as of  07.31.1996 (Memorial 1996, A, p.1602)
  • Convention from 07.06.2012 (Memorial A n°114, page 1696) effective from 01.01.2014

Air Services agreement

  • Agreement from 29.09.1969 (Memorial 1971, A, p. 2170)
  • Effective as of 20.12.1971 (Memorial 1972, A, p. 441)

Source: Administration des Contribution Directes

 

Further information

Foreign Trade

The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.

You can see the statistics on the website of the Statec.

Contact points in Poland

Embassy of the Grand Duchy of Luxembourg in Poland

Ambassador M. Conrad BRUCH
15 IU Sloneczna
PL-00-789 Warsaw

Tel.: +48 22  507 86 50
Fax: +48 22  507 86 61
Email: varsovie.amb(at)mae.etat.lu  

Economic and Commercial Attaché (AWEX): 

Mme Laurence MARTAUX

Stratos Office Center
IU. I. Ks Skorupki 5
00-546, Warsaw

Tel: +48 22 583 70 11
Fax: +48 22 583 70 19
E-mail: varsovie(at)awex-wallonia.com 

Source: Ministry of Foreign Affairs of Luxembourg                   Source: www.awex.be 

Country risk as defined by Office du Ducroire for Poland

Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.

Link: Ducroire Office - Country Risk for Poland

Other useful links

 

The Chamber of Commerce and the country

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