Economic growth in Poland and other EU countries

According to Eurostat statistics, gross domestic product (GDP) in the European Union in the second quarter of 2019 amounted to 1.4 percent. However, in Poland, GDP amounted to 4.2%. This is one of the better results among European countries. Only Ireland, Hungary, Malta and Romania have better results than Poland’s GDP dynamics. Meanwhile, Germany and Italy, whose economy has fallen into recession, have to face problems. Economic growth in Poland is really fast.

Predictions show that our country would maintain its GDP rate above 4 percent. 4 percent in the budget for next year are conservative estimates, and GDP in 2020 may grow even three times faster than in the entire European Union. Polish economy is stable and still growing. Although consumption still has over 60% participation in our growth, the factor related to investment expenditure increases. Gross domestic product (GDP) is currently the most popular measure of the effects of the society’s work. GDP, according to the simplest definition, measures society’s production. Determines the value of all goods and services produced by residents of a given country and foreign entities present in that country,

In the third quarter of 2019 GDP go up by 0,3% and employment up by 0,1% in European Union Euro area. In European Union countries (EU-28) GDP up by 0,3 % and employment was unchanged compared to previous quarter. If we will compare with the same quarter of the previous year, GDP rose by 1.2 % in the euro area and by 1.4 % in the EU-28.

Among the European Union countries, Ireland (+1.7 %), Malta (+1.4 %), Poland (+1.3 %) had the highest growth in the third quarter of 2019 compared with the previous quarter, while lowest growth was recorded in Germany, Italy and Austria, all by 0.1 %. Expenditure for household final consumption had a positive impact on GDP in the euro area and the EU-28 (+0.3 percentage points). Exports also grew by 0.7 % in the euro area and by 1.5 % the EU-28. Economic growth in Poland is in a very good state.

GDP level and employment data helps estimate of labour productivity. Comparing growth with the same quarter of the previous year, we get a productivity increase of around 1% between 2013 and 2017. Compared with the same quarter of the previous year, employment based on persons increased by 1.0 % in the euro area and by 0.8 % in the EU-28 in the third quarter of 2019. In Poland in 2019, not only unemployment fell and employment increased. Employees could also count on increases.

Quarterly data showing changes in the indicator of the GDP gross domestic product are the most significant indicators, thanks to which the state of the economy of individual countries at the national and European level can be assessed.

The economic situation in Poland remains good, which is due to a stable increase in consumption, supported by a favourable labour market situation, very good consumer situation and the payment of social benefits. Poland’s situation improved by joining the European Union, because when Poland become a member of EU in 2004, our gross domestic product per person was almost half of the EU average. Since Poland is a member of the EU, GDP has been growing in all statistical regions of our country, mostly in Warsaw. The world economy is slightly slowing down recently. But in Poland GDP is growing because there are still significant labor supply resources in the country – there are many people who want to work for the offered rates. We also have well-qualified specialists who know languages, which helps to keep exports high and encourages foreign companies to invest here. We have stable public finances, growing house hold savings with high private consumption and a conservative banking system. What’s more, economists assume that in 2020 the Polish economy will also be resistant to international changes and GDP will continue to grow.