Economy of Poland
Poland holds the sixth largest economy and is the ninth most populated country in the EU, with the country’s population remaining relatively stagnant over the past decade. Poland’s economy has maintained rather strong and stable, and its GDP was reported to have grown over the past several years, despite being affected by the global recession of 2009. Various factors that attributed to the fast recovery and maintenance of Poland’s economy were a large market as well as multiple economic transformations that were essentially introduced to help with the country’s transition from the fall of communism. Additionally, Poland sustained a low level of debt, particularly in comparison with the country’s gross domestic product, which indicates that Poland is capable of paying back its debts without incurring further debt.
Poland primarily trades with its European neighbors, most prominently Germany. Imports within the country consist mainly of goods that are used for manufacturing and as a result, Poland reported a trade balance deficit. However, since these goods are used for the further development of the country rather than for consumption, a trade balance deficit is seen as acceptable and rather positive than negative. Today, Poland’s industry is principally focused on machinery, electronics and car manufacturing and has several large mining reserves available for export and further reconstruction within the country.