International Market Development

International market development | Comprehensive analysis of Polish economy and market conditions

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Author : Bozhou Marine
Update time : 2020-12-15 14:23:03
In this article, we mainly introduce the basic situation of the Polish market. Including: geographic location, major cities, population status, ethnicity, major festivals, natural resources, major industries, GDP, foreign exchange reserves, employment status, prices, corporate income tax, personal tax rates, etc.


Photo | Pixabay

  Introduction

The Republic of Poland (English: The Republic of Poland), or Poland for short, is a democratic republic consisting of 16 provinces in Central Europe. It is connected to Ukraine and Belarus in the east, Lithuania and the Russian enclave of Kaliningrad in the northeast, Germany to the west, Czechia and Slovakia to the south, and the Baltic Sea to the north.


  Capital

Warsaw (Warsaw), the capital of the Republic of Poland, the provincial capital of Masovian Province, the political, economic, and cultural center and the largest city in Poland, is located on the banks of the Vistula River and in central Poland. The metropolitan area has a population of 3.78 million and an urban area of 510 square meters. Kilometers, Warsaw is an international metropolis, the ninth largest capital city of the European Union and one of the 19 first-tier cities in the world. Composition of the skyline.

Warsaw is the political, economic, and cultural center of Poland. Its industries include steel, machinery manufacturing (precision machinery, lathes, etc.), automobiles, motors, pharmaceuticals, chemicals, textiles, etc., mainly electronics, electromechanics, and food. It is also the largest printing industry center in the country.



  Main City

Warsaw

The capital, Warsaw, is the political, economic, cultural and transportation center of Poland, located on both banks of the Middle East section of the Vistula River. It extends about 29 kilometers along the river from north to south, 26 kilometers from east to west, and covers an area of about 500 square kilometers. There are more than 1.6 million urban residents. The climate is mild, with an average temperature of 19 degrees in July and 4 degrees in January. The average annual precipitation is 560 mm.

Warsaw had settlements in the 10th century and took shape as a city in the early 15th century. It became the capital in 1596. It was severely damaged during the Second World War and quickly rebuilt after the war. The main industries are: machinery manufacturing (automobiles, motors), metal processing, metallurgy, chemistry, pharmaceuticals, food, printing and textiles.

 

Picture | Pixabay

Krakow

Krakow is located on the Vistula River about 300 kilometers away from Warsaw in southern Poland. With a population of 700,000, it is the largest cultural, scientific, industrial and tourist center in Poland.

During the Second World War, the city was merged into the "Governor-General" of the German territory. At that time Krakow was one of the largest centers of resistance in Poland. A large-scale steel complex was built in Krakow in 1948, which led to the rapid economic development of the entire city. The Jagiellonian University here was established in 1363. It is the oldest university in Poland and one of the oldest universities in Europe.


Gdansk

The city of Gdansk is located on the coast of the Baltic Sea, at the mouth of the Vistula River. The capital of Pomeria Province. The population is about 470,000. The largest city in northern Poland. It forms a huge port city consortium with Sopot and Gdynia-the Trinity.

Gdansk is an important center for shipbuilding, petrochemical, machinery and food processing industries in Poland, with two seaports. At the same time, it is also an important center of science, culture, art, higher education and museology. The marine tourism and entertainment industry are developed. The city has convenient land, rail and water transportation, and air routes connect all parts of Poland and neighboring countries. Gdansk has also become Poland's second largest political center due to multiple outbreaks of labor in history.

Poland is rich in Baltic amber and is one of the countries with the richest amber reserves in the world. Since ancient times, Gdansk has concentrated a large number of amber processing workshops, with exquisite design and sophisticated production, attracting a large number of jewelers from Germany, Japan, South Korea, Hong Kong and other places to negotiate business every year.


  Jet Lag

China is 7 hours faster than Poland; Poland implements daylight saving time bai, and China is 6 hours faster than Poland.


  Population and ethnicity

38.39 million (June 2019). Among them, the Polish ethnic group accounted for about 97.1% (2016), in addition to German, Belarusian, Ukrainian, Russian, Lithuanian, Jewish and other minorities.

  Language

The official language is Polish.


  Main Holiday

New Year: January 1st every year
Three Kings Day: January 6th every year
Easter: 3rd Sunday and Monday in April every year
Labor Day: May 1st each year
Polish National Flag Day: May 2 every year (generally no holiday)
National Day: May 3 (Constitution Day, Poland promulgated the first constitution on May 3, 1791)
Eucharist: June 15 every year
National Renaissance Festival: July 22 every year
Assumption of the Virgin Mary: August 15 every year
Ching Ming Festival: November 1st every year
Independence Day: November 11 every year (Poland regains independence on November 11, 1918)
Christmas: December 25th every year
Memorial Day for the Victims of the Katlyn Incident: April 13 each year (1943)


 Poland street image | Pixabay

  Natural Resources

The main minerals include coal, shale gas, sulfur, copper, zinc, lead, aluminum, and silver. As of the end of 2018, the proven hard coal reserves were 61.436 billion tons, lignite 23.316 billion tons, sulfur 503 million tons, and copper and silver 1.906 billion tons. As of the end of 2018, the forest (green space) area was 9,459,500 hectares, and the forest coverage rate was 30.9%.


  Main Industry

Agriculture

Agriculture is an important part of the Polish economy. The area of agricultural land is 18.4 million hectares, accounting for 58.8% of the country's land area. Among them, the agricultural land owned by individual farmers accounts for 84.5%; each household has an average of 7.1 hectares of agricultural land; the number of agricultural employments is 2.7 million. It accounts for 19% of the national employment; about 5.5 million people are employed in rural areas, accounting for 38.6% of the national employment.

Mining Industry

The Polish mining industry is mainly the extraction of resources such as coal, copper, lead, zinc, sulfur and silver. At the end of 2003, the number of people employed in the entire mining industry was 198,000, a decrease of 4.3% from 2002. In 2003, the annual mining industry sales amounted to 25.645 billion zlotys, which was 3.6% lower than in 2002.

Mining Machinery

Poland's mining machinery industry has a good foundation and has a certain degree of competitiveness in the international market. The main types of mining machinery are: comprehensive mining equipment for mining face, coal mining machine, working face and down-channel conveyor, belt conveyor, hanging train, coal preparation equipment, hydraulic and control equipment, drilling equipment and spare parts, Special equipment for mine rescue, large-scale machinery for brown coal mines, dumpers, bucket wheel excavators, self-propelled conveyors, mining machinery accessories, etc.

Auto Industry

The Polish automobile industry has developed rapidly through large-scale foreign investment, privatization and overall structural adjustment. Automobile production, technological level and export scale have been greatly improved, making Poland the 8th largest automobile producer in Europe in a relatively short period of time (Ranked after Russia, before the Czech Republic and Sweden). At present, there are 210 enterprises in the Polish automobile industry with approximately 700,000 employees. Major automobile manufacturers include: Fiat of Italy, Daewoo of South Korea, GM of the United States and Volks wagen of Germany and other internationally renowned automobile groups invested by enterprises.

Metallurgical Industry

The Polish metallurgical industry occupies an important position in the industry, and the main products are steel, copper, silver, zinc, lead, aluminum and so on. In 2003, Poland produced 9.107 million tons of crude steel, a year-on-year increase of 8.8%; hot-rolled steel (excluding semi-finished products) was 6.595 million tons, a year-on-year increase of 7.9%; steel pipes were 309,000 tons, a year-on-year decrease of 0.3%; An increase of 4.1%; 45,400 tons of aluminum, down 5.5% year-on-year. Poland exported 288,000 tons of electrolytic copper in 2002.

Chemical Industry

The chemical industry is one of Poland's advantageous industries. There are a large number of Polish chemical companies, with small companies accounting for the vast majority. There are 16,200 chemical companies nationwide, of which 13,000 are engaged in the production of rubber and plastic products, accounting for 80%; there are 3,200 companies engaged in the production of chemical raw materials and chemicals, accounting for 20%. As of the end of April 2003, there were 98,000 people engaged in the production of chemical raw materials and chemical products, and 106,000 people engaged in the production of rubber and plastic products.

Power Industry

Poland's power industry is relatively developed, and power supply exceeds demand. The total installed capacity in 2001 was 34642 MW, and the power generation in 2002 was 141,322 GWH. In 2002, the value of Polish electricity exports reached 243 million US dollars.

There are 17 large power plants and 33 power transmission and distribution companies in Poland. There are 106,000 employees in the power industry, accounting for 5.3% of industrial employment.


Pharmaceutical Industry

The pharmaceutical industry is one of the fastest growing industries in Poland. There are 80 pharmaceutical manufacturing companies in Poland, 57 of which employ more than 50 people, and 15 of them have taken the lead to form the POLEA Group. The group is the largest pharmaceutical manufacturer in Poland, and its production share accounts for 70% of the total domestic pharmaceutical production. In addition, Poland has 2 medical research institutions, 10 herbal medicine manufacturers, 14 chemical drug manufacturers, 3 vaccine, serum manufacturers and other over-the-counter drug manufacturers. Some international pharmaceutical companies such as LEK-POLSK, SOLCO-BASEL, RHONE-POULENC-RORE and SCHWARZ-PHARMA have subsidiaries in Poland.

  Faster economic growth, the next developed country?

According to the information published by the Central Statistical Office of Poland, the actual economic growth rate in 2019 was 4.1%, and the completed nominal GDP was 2,264,978 million zlotys (zloty, the name of the Polish currency), which is approximately 589.847 billion U.S. dollars. Based on a population of approximately 38.4 million, Poland’s per capita GDP is nearly US$15,400.

From 2000 to 2010, the Polish economy suffered some setbacks, and in 2008 it encountered the global financial crisis. The economic growth rate during this period was slightly more volatile, but it still exceeded 4% in most years—even in 2007. At one point it reached 7%.
 

Poland's GDP growth rate trend graph over the years | TRADING ECONOMICS

In the "Poland National Development Strategy 2020" plan, strive to become an "efficient and modern economic country". Moreover, the economic integration between Poland and the EU has become increasingly close, and it has become one of the important industrial transfer bases within the EU. If the current economic development trend is maintained, it may not be long before Poland will transform into a developed country.

According to a report released by the National Bank of Poland on July 17, 2020, Poland’s gross domestic product (GDP) will fall by 5.4% this year and will grow by 4.9% year-on-year next year.



  Accelerated growth of foreign exchange reserves

  
Poland's foreign exchange reserves trend over the years | TRADING ECONOMICS

Poland's foreign exchange reserves have grown rapidly after 2018.


  The unemployment rate continues to fall

Polish employment trends over the years | TRADING ECONOMICS

 
Poland's unemployment rate trend chart over the years | TRADING ECONOMICS

According to a communique issued by the Polish Ministry of Development, Labor and Technology on December 7th, the unemployment rate in Poland remained at 6.1% in November.

According to the communiqué, Poland’s registered unemployment rate at the end of November was 6.1%, maintaining the same level for six consecutive months. Preliminary data show that in November, the number of unemployed persons in Poland was 1.026 million, an increase of 0.8% from the previous month and 1.1% from the same period last year.


  Prices and inflation rates fluctuate greatly

  
Polish Consumer Price Index CPI Trends over the Years | TRADING ECONOMICS

From 2011 to 2020, the Polish consumer price index CPI increased rapidly, and prices continued to rise.
  
Poland's inflation rate trend chart over the years | TRADING ECONOMICS

From 2011 to 2020, Poland's inflation rate fluctuated significantly. In 2015 and 2016, it once fell to a negative number. The economic decline was noticeable. After 2016, it rose sharply, indicating rapid economic growth.

  Corporate income tax rate 19%

  
Polish corporate income tax trends over the years | TRADING ECONOMICS

In 2020, the Polish corporate income tax rate is 19%.

  Personal income tax rate 32%

  
Polish personal income tax trends over the years | TRADING ECONOMICS

In 2020, the Polish personal income tax rate is 32%.

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