Poland GDP growth surprises on upside

WARSAW, Nov 30 (Reuters) - Poland's economy grew by 4.2 percent year-on-year in the third quarter of 2010, statistics office data showed on Tuesday, well above expectations and above 3.5 percent in the previous quarter.

How about National Debt Growth?

Apparently better than many in Europe and the U.S.


Wiki (but from CIA)

Yes, I heard the same info today.
How to convince foreign investors to trust Polish economy now?
I guess they are a bit too sceptical about the growth.

Fueled by consumption for borrowed money. It will collapse soon.

A lot of people say that the Zloty is the most undervalued currency on the market...at least from an emerging-market standpoint.

Polish growth continues

Here is an article in Polish from TVP: tvp.info/42537488/wzrost-zamoznosci-polakow-irytuje-niemcow


Polish economy is growing! What do you have to say about it? I think it's only natural for Poland

I think that GDP alone is not a good indicator of the economic health of a country.

Mr Grunwald, you shouldn`t quote that state TVP, it is PiS controlled lying media, that is why they mentioned Germans in this news. It is a worthless tv channel, made by renegade Polish journalists.

which channels are not worthless tools of propaganda with propagandist at the fore? Republika maybe to a degree but all the rest are the same..

Came to think of it most TV channels elsewhere are generally the same - politically based, there is only question of a degree, regardless you can find some good journalists here and there, like Ziemkiewicz, Rachon, Carlson and few others ...

Anyway you whine just because they don't say things that you like to hear not for any other reason.

What utter insecure garbage. German pensioners drive luxury cars, Polish pensioners face ever-lengthening queues in bankrupt hospitals.

Now you are provoking (because I don`t believe you can be so stupid) because you perfectly know they are perfect examples of renegade sh.tty journalists I mentioned before. :):)

No they are not.

Yes, they are but never mind, this thread is about GDP, not renegade journalists.


Yes! And we are growing with it, too! :):)

An informative article which in simple words explains certain basics: What about the roots of Poland's success? Do they offer lessons for its neighbors? And what must Poland do to continue its progress in the coming decades?

theglobalist.com/poland-economy-gdp-european-union

Don't worry pawian I am pretty safe from state-anything propaganda. I just found it merely funny and thought it would catch more interest then simply talking about money.

delphandomine
Well I was just translating the text...

Ironside
I agree, but seeing as things are going in Poland I do think the economy is improving. It's a pity that the government isn't more pro-free market but, at least they are doing something. Even tho it's state related...

Poland has a goal in mind, which I very much like while other countries seem to neglect their responsibilities to her citizens

moved from


Of course it did!


OK:

Polish GDP 1990 - 65,98 billion USD.
Polish GDP 2004 - 255,1 billion USD. 386% growth

Polish GDP 2005 - 306,1 billion USD
Polish GDP 2018 - 585,7 billion USD 91% growth

I am not against the EU, quite the contrary, I think Poland benefitted from her membership, but this argument doesn't stand.


They still need to cross the Mediterranean to get here, don't they? And believe me - they would find a way to settle in Japan IF Japanese laws allowed them to do so, but they DON'T.

Do you have a link to these stats?

Because that growth is just astounding! During that time after the wall fell East Germany would had had a hard time to show such growth during the re-structuring of it's outdated economy....and that with the help of West-Germany...

Google...

...via World Bank.


Poles are an astounding nation. So many years on PF and ATP and you still failed to notice that? :)

When it comes to hard work, thrift and ingenuity, we leave most of the world far behind.


Unless those habits can bring new citizens to life :) Hence most countries of the world have kindergeld, tax reliefs for families etc.

Hmmm....I always said that! :)

But I would really like to know more about that numbers...Poland, East Germany, Russia...the whole ex-Soviet Empire has just broken down, their industries no longer supported by state and wholly uncompetitive and unprepared for the modern world. Many people lost their jobs as alot companies closed. The first years had been painful for all of us, you can't have forgotten about that difficult time Torq....

What are these numbers about?

It makes me wonder quite much too. Especially as Poland still have almost no hi-tech sector (hardware) or robust and diversified manufacturing base. The only products with sticker "made in Poland" I saw so far were some alimentary goods. But Polish chocolate, pickled cherries and soar cabbage aren't bad, I must admit.

Well, take a look at the same graph - Ukraine in the same time period (1990-2004) went from 81,46 billion USD to 64,82 billion - 30% loss in GDP while Poland was growing 386% in the same time period.

Sure, it was difficult - many people lost their jobs, collective farming (PGRs) and outdated factories fell, but at the same time we introduced free market reforms and released Polish entrepreneurship, that was for so long restricted under the Soviet boot, and it brought amazing results. Many people hate Balcerowicz just as they hate Thatcher, but you have to admit - their economic policies worked.

Dude, we sell trains and trams to Germany, for example. :) We have developed arms industry, heavy industry and last, but not the least, IT gaming industry :)

Here are only the biggest Polish branches of industry (with income in billions of PLN)...

...the numbers don't lie - go complain to World Bank, if you don't like them :)

Hmm....maybe you are onto something.....in the only graph I could find there is a hefty rise of East Germany too:



...including a short, sharp dip down during the 1990's....but no numbers...

*goes searching*

Well, we didn't have a Big Western Brother to pump gazzilions of DM into our economy. :)

Those are raw numbers of Polish GDP growth from 1990 to 2004. 2 years on minus directly after the collapse of communism and continues growth since then. Between 1990 and 2004 without any EU funds.

Over 2 million new small companies were registered by Poles within few years after commie-collapse.

Since 1990 Polish economy has grown 9-fold from $66 000 000 to $565 000 000 per capita (according to IMF) - $628 000 000 (World Bank) in 2019


My last post will prove a point then ;-)

Largely because the previous high self-employment taxes were abolished, combined with there simply being no work for many people during the transition.

There were substantial EU funds before 2004 as well as EBRD, IMF and World Bank support.

Without doubt much of the investment between 1997 and 2004 was driven by the stability provided by pending NATO and EU membership.

Of course there was high growth in the 90s - the economy was in ruins and could only get better

It depends what you mean by "substantial". Poland received 12.8 billion euro in various pre-accession funds, of which 15% had to be provided by the Polish government, so the lump sum of funds before Polish accession to the EU was about 10.9 billion euro.

Polish cumulative GDP in the years 1990-2003 was roughly 2 trillion dollars (even we we discard 40% of Polish GDP in 2004 - we entered the EU in May), so depending on the dollar/euro exchange rate, which varied, we can say that pre-accession funds amounted to about 0.5-0.7% of Polish GDP. So, Poland herself was responsible for over 99% of the aforementioned 386% growth since the fall of communism to the accession to EU.

Of course, you are quite right that Poland benefitted from the perceived stability of future NATO and EU membership, but for most of the amazing growth and economic success Poles have only themselves to thank (especially that it was bought at high social cost - Balcerowicz's reforms, while necessary, were quite painful).

Not only - remember that you have to include things such as Polish visa-free entry to the Schengen countries (which already had common entry rules before the internal borders were removed) or Western influence on things such as sorting out the mess at the Western borders.

For me, the thing that Poland should be praised for is the way that the government very quickly pursued EEC/EC/EU membership - Poland made the first agreement as early as September 1989, had an interim agreement in place by 1992 and applied to join in 1994.

Your figures and your understanding are completely incorrect - public investment was 4 percent of GDP from 2000 onwards once accession had been decided, even before then soft loans from international institutions and credit guarantees for shareholdings in Polish banks helped prop up the economy and get private business going.

My guess is you were at primary school when this was happening. The Polish people obviously take huge credit for their acceptance of difficult reforms and hard work but they could not have done it without support of the West - both political and financial. The strong political power of US Polonia was very helpful in this process by the way.