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 Ressources » Poland : economical situation

Polish society and companies situation

 

With its 40 million consumers Poland is the largest economy in Central Europe. It is a market larger than those of the Czech Republic, Slovakia and Hungary combined. It has also recorded one of the most impressive growth rates in the world. For the last decade the Polish economy has been growing rapidly - the average GDP growth amounted to 4,5% within last ten years. At the same time the average CEE GDP growth was 2.8%.

Map     Czech Republic:
Hungary:
Slovakia:
Slovenia:
    10.3 mln
10.0 mln
5.4 mln
1.9 mln
Total:
 
27.6 mln

Poland is also one of the youngest countries on the continent - 35% of Poles are under 25 years of age. This means that about 14 million young and educated people will enter the labour market in the future. Average household income is still considerably low. The average income of 1 person in a household in 2001 was estimated at 161 USD. Among others, 46,7% out of that figure came from legal work and 33,8% came from various social security funds.

The monthly average expenditures of a household per 1 person were estimated at 152,4 USD. The basic basket of a household member consisted of: food and non-alcoholic beverages - 31% alcohol and tobacco products - 3%, other product and services 61% including rent and flat maintenance permanent payments at 34,2%.

The average price of 1 m2 of a new apartment on a real estate market in 2002 was 391,5 USD. The highest prices (691 USD) you can find in Mazowieckie voivodship with Warsaw as a capital where prices average between 750USD and 1250USD/m2. The cheapest apartment can be found in the Slaskie Voivodship (with a strong mining industry and Katowice as a capital) priced at 256USD/m2.

The level of education of Polish workforce is considerably high in both skilled and unskilled sectors. More and more Poles are completing higher education. In 2001 there were over 1.7 million university students in Poland, and 4 times more graduates than a decade before.

Polish labour force is still very cheap. It costs just $2.6 an hour (including social security contributions) to employ a skilled manufacturing worker in Poland. This is twice the rate paid to workers in the early 1990s but still much lower than the $19 and $22 paid to skilled workers in France and Germany respectively.

Hour labour cost in manufacturing, 2001 (in USD)


In 2002 the average gross salary in Poland was estimated by GUS at 3,95 USD per hour (exchange rates USD/PLN from 15.01.2003) which is 633 USD per month. The cost for the employer is higher, 762 USD and the net salary was 431 USD which excluding Warsaw is still considered as a very high earnings. The lowest guaranteed salary in Poland (from 01.01.2003) is 200 USD Gross* .

Productivity growth rate, 1995 - 2002 (in %)


The economical results of companies in 2002 in Poland:

Cost level ratio 98,5% (2001 98,6%)
Gross turnover profitability ratio 1,5% (2001 1,4%)
Net turnover profitability ratio 0,4% (2001 0,4%)
1st degree cash-flow ratio 18,2% (2001 16,5%)

The inflation rate in 2002 comparing to 2001 was 1,9%
The unemployment in Poland is still high reaching 18% in 2002.

Information comes from:

- Panstwowa Agencja Informacji Zagranicznych - http://www.paiz.gov.pl
- Glowny Urzad Statystyczny - 
http://www.stat.gov.pl/english/index.htm

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