According to the International Monetary Fund, the Polish economy grew at a rate of 3.8% in 2017, much faster than the average rate of growth in the euro area and the entire European Union (respectively 2.1 and 2.3%). The forecast of Polish GDP growth for 2018 is 3.3% compared to 1.9% in the euro area.
The modernization process that started in 1989 still continues. The Polish economy is becoming more and more integrated with the global economy. Polish enterprises are strongly integrated into European production chains. For Polish authorities, the priority is to provide solid foundations for business development and entrepreneurship. This complex goal is achieved by providing transparent and stable business conditions.
The Polish economy has been growing at a stable pace for more than twenty years. It is the sixth largest economy in the European Union in terms of population, and the eighth in terms of produced GDP. The exceptionally healthy foundations of development are evidenced by the fact that Poland was the only country in Europe not affected by the recession of 2008-2010. Currently, the main pillars of economic growth are exports and domestic consumption.
Polish GDP in the first quarter of 2018 increased by 5.2 % y/y. This is the peak of the economic cycle of the Polish economy.
GDP of Poland in the second quarter of 2018 increased by 5.1 % in real terms on an annual basis. In the same period last year, the Polish economy grew at a rate of 4 %.
According to preliminary data of the Central Statistical Office, in comparison to the first quarter of 2018, GDP increased by 0.9 % against a 5.2% growth y/y.