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Poland

 

   Poland

 

Poland is the 10th largest country in Europe. The territory of Poland spreads on 312,685 square kilometers. Poland is situated to the north of Central Europe, with Germany to the west, the Czech Republic to the south-west, Slovakia to the south and the Russian Federation enclave around Kaliningrad on the Baltic coast to the north.

 

Fact sheet:

 

Country Name

 Republic of Poland (Polska)

Location

 Central Europe

Territory 

 312,685 km2

Population

 38.17 million

Unemployment

 17.2 % 

GDP growth

 5.2% in Q1 of 2006: 3.09-5.0%

Average gross monthly
salary

 592  EUR

Social security paid by employer

 20,12%

Capital City

 Warsaw

Full member
 of the EU

 since 1st of May 2004

Currency:

Zloty (PLN)
 average yearly exchange rates for 2005
1 USD = 3.2348 PLN       1 EUR = 4.0254

International Telephone
Calling Code:

 + 48

Electricity:

  230V, 50 Hz

Time zone

 Central European Time (GMT - 1, GMT -2)

Climate

 moderate, continental:  warm summer (up to 30 C.), cold winter (up to –15 C.)

 

Economy:

Poland is one of the fastest growing economies in Europe. This is confirmed by various market indicators, such as Gross Domestic Product, Consumer Price Index, structure of the labour market, competitive wages, and dynamic foreign trade exchange.

Polish economy, with GDP growth of 3.2 % in 2005, is developing much faster than the Euro zone (1.3%) and higher than the average of all 25 EU members (1.5%). The GDP growth for the second quarter of 2006 was 5.5 %. Poland's growth has been driven to a significant extent by export growth, industrial production and investments. Employment is also slowly increasing. 

Since year 2000 Polish export grows at a higher rate than import. This is due to improved competitiveness of Polish goods and a limited increase in domestic consumption. Polish companies are more interested in export, many market leaders are exporting not only to the EU markets, but also to Russia and Asian countries. Polish goods are popular abroad, since they combine high quality with competitive prices.

Poland is selling more and more products to foreign countries. Polish companies conquer new markets, participate in trade fairs and are more persuasive in attracting foreign clients. During the last five years the value of Polish export doubled from EUR 34,4 billion in 2000 to EUR 71,4 in 2005.

 

Investment:

Foreign investors in Poland look for opportunities in Poland due the size of the Polish market, low employment costs, economic growth and availability of human resources. In the year 2005 inflow of FDI to Poland was 7.7 billion USD

Poland  is open for investors. Polish law allows foreigners to set up a company or a branch office, and the government offers many incentives.

The Polish economy, with GDP growth of 3.2 % in 2005, and in 2006 is projected to reach 5,3%. The Polish economy is developing much faster than the Euro zone (1.3%) and more than the average of all 25 EU members (1.5%). Poland's growth has been driven to a significant extent by export growth, industrial production and investments. Employment is also increasing. 

Strong growth in real wages, improving labour market and low interest rates will lead to even grater improvement in private consumption and investment in 2006 – 2007. Exports may expand by even 8.4% in 2006 and 8.7% in 2007.

     
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