Gross domestic product (GDP)

Poland’s GDP at current prices was PLN 1,524,679 million in 2011, which grew by 7.64% compared to the previous year. Experts forecasted GDP to grow by 2.9% in 2012 and by 2.9% in 2013.

In 2011, positive changes in gross value added (GVA) was observed in all groups of economic activities. The largest growth in GVA was observed in industry by 13.5%, trade and repair by 8.44%.

(Source: Statistics Poland)

(Source: Statistics Poland)

The GDP growth rate of Poland declined to 5.4% in 2009 and 2010 from 11.0% in 2007. In 2011, it rose to 7.6%. Total consumption in 2011 rose by 6.5% and was PLN 1,210,326 million.

(Source: Statistics Poland)

GDP per capita 

(Source: Statistics Poland)

In 2010, GDP per capita at current prices was PLN 37,092 compared to PLN 35,237 in 2009.

Gross national income (GNI)

Poland’s GNI was USD 474.89 billion in 2010.

(Source: World Bank)

GNI per capita, PPP

Poland’s GNI per capita at PPP in 2010 was USD 19,160 compared to USD 18,250 in 2009 and USD 17,660 in 2008.

 

(Source: World Bank)

Income tax rate

Poland's taxation of an individual's income is progressive. The 2011 tax rate for an individual is 18% or 32%. Individuals can choose, under certain conditions, paying a flat rate of 19% on business income without allowances.

(Source: Worldwide tax)

Corporate tax rate

The corporate tax rate on profits for Poland companies and permanent establishments is 19%.

 

Tax contribution	Statutory tax rate	Total tax rate (% profit)
Corporate income tax	19.0%	17.4
Social security tax	14.9%	16.8
National disabled fund	40.6%	3.9
Labor fund	2.5%	2.8
Real estate tax	PLN 0.77 per square meter of a land plot and PLN 20.54 per square meter of building	1.3
Fuel tax	included in fuel price	0.1
Vehicle tax	PLN 1.266 per truck unit owned	0.1
Value added tax (VAT)	22.0%

 

(Source: DoingBusiness.org)

 

Inflation rate

 

 

(Source: Statistics Poland)

The annual inflation rate in 2011 was 4.3%, increasing from 2.6% in 2010. The inflation rate in 2008 was more than 4.2%, the highest in the past three years.

FDI Inflow

FDI in Poland was EUR 9,000 million in 2011 compared to EUR 6,686 million in 2010. Luxembourg was the biggest contributor to the total inflow of FDI in 2010 with EUR 1,945 million. Germany (EUR 1,627 million) and Italy (EUR 1,020 million) was important investors also.

 

(Source: National Bank of Poland)

 

(Source: Invest in Poland)

 

Banking sector assets

The Bank of Poland’s total assets stood at PLN 279,340.38 million at the end of December 2010, registering a growth of 14.47 % compared to December 2009.

(Source: National Bank of Poland)

Consumer Price Index (CPI)

Consumer related prices in Poland remained stable during 2009 and 2010. As of December 2010, the CPI recorded was 103.1 a decrease from December 2009 CPI of 103.5

(Source: NBP)

Interest Rates

At the end of 2010, interest rate for household deposits was 4.1% and for household loans at 9.4%. Rates rose considerably in 2008 due to growing inflation.

(Source: NBP – Excel file; NBP – Excel file, Excel file)

*also includes non-profit institutions serving households

(Source: NBP,NBP, NBP)

Monetary Stock

Poland classifies its monetary stocks in three parts – M1, M2 and M3, where

M1 includes:

• Currency in circulation

• Overnight deposits and other liabilities

M2 includes M1 and:

• Deposits, blocked deposits and other liabilities with agreed maturity up to 2 years

• Deposits redeemable at notice up to 3 months

M3 includes M2 and:

• Repurchase agreements

• Debt securities issued with maturity up to 2 years

• Money market fund shares

(Source: NBP)

(Source: NBP)

Currency in circulation

Total currency in circulation at end of 2010 was PLN 102.7 billion as compared to 2009 value of PLN 99.9 billion.

(Source: NBP)

Stock market capitalisation

As of January 2011, 400 companies were registered with Warsaw Stock Exchange (WSE), of which 27 are foreign based companies. 34 companies were listed in 2010, whereas 13 got delisted.

In 2010, total stock market capitalisation was PLN 796,482 million. Following table shows market capitalisation of WSE during 2003-2010:

(Source: WSE)

Official Exchange Rate

In 2010, exchange rate of PLN against one United States Dollar (USD) is PLN 3.02 and against one Euro (EUR) is PLN 3.99.

(Source: NBP)

Government finances

Sovereign debt dynamics

Fiscal balance

In 2009, the general government deficit increased to PLN 97,321 million compared to PLN 46,849 million in 2008. The fiscal deficit in 2009 was 7.2% of the country’s GDP.

(Source: CSO)

Total Revenue and Expenditure

In 2009, total Government revenue of the country was PLN 497,099 million, whereas total expenditure was reported PLN 550,623 million. Total revenue shows a marginal growth of 0.03% compared to 2008.

(Source: CSO)

Tax Revenue

In 2008, Government revenue from taxes stood at PLN 233,469 million as compared to PLN 215,432 million in 2007.

(Source: World Bank)

Balance of Payments (BoP)

Current account balance improved in 2009 showing reduction in deficit from the past two years. Decrease in merchandise imports showed positive signs in BoP, whereas deficit on income elevated significantly. Capital account kept up its growth pace highlighting an increase of 55.16% over 2008.

(Source: NBP)

Education/literacy rate

The literacy rate in Sri Lanka was 91.3% in the year 2008.

(Source: Central Bank of Sri Lanka)

Educational resources

There are 10,205 schools in Sri Lanka, of which 9,410 are government, 98 are private and 697 are Pirivenas. Sri Lanka has 15 universities.

In 2009, the government of Sri Lanka spent LKR 100,506 million on education, which is 2.08% of the total GDP.

(Source: Central Bank of Sri Lanka)

Healthcare resources

In 2009, the total number of hospitals was 555, and there was 475 primary health care centres.

In 2009, Government expenditure on the healthcare sector was LKR 71,452 million, which accounted for 1.48% of the total GDP.

(Source: Central Bank of Sri Lanka)

Poland is a democratic and sovereign nation. It has its own written constitution, originally in Polish. Political governance is divided into executive, legislative and judicial sections.

Executive powers are headed by President and Council of Ministers. The President exercises supreme powers over the nation and is elected for a term of 5 years. The President can be re-elected for one more such term. The Council of Ministers is comprised of several ministers and one Prime Minister, who heads the council. Other ministers are eligible to be elected as Deputy Prime Ministers, if needed. This council is required to look after implementation, supervision of statutory laws and other related duties.

Sejm and Senate have legislative powers of the country. Sejm comprises of 460 deputies who look after the activities of Council of Ministers. Senate is comprised of 100 members, known as senators. Deputies and senators are directly elected for a term of 4 years by way of secret ballot.

(Source: Poland.pl, Poland.pl, Poland.pl, Poland.pl)

Few of the political parties in Poland are –

• Platforma Obywatelska
• Prawo i Sprawiedliwość
• Sojusz Lewicy Demokratycznej
• Unia Pracy
• Socjaldemokracja Polska
• Partija Demokratyczna
•  Polskie Stronnictwo Ludowe
• Samoobrona Rzeczpospolitej Polskiej
•  Liga Polskich Rodzin

(Source: Parties-and-Elections)

Regulatory Environment

The country is ranked 68^th in the 2011 Index of Economic Freedom. The economic freedom score of Poland is 64.1, a rise of 0.9 points from 2009. This rise was primarily due to increase in investment freedom, property rights and freedom from corruption.

(Source: Heritage.org)

• Gazeta Wyborcza

   

• Rzeczpospolita

   

• Nasz Dziennk

   

• Parkiet Online 

   

• Przeglad Sportowy

   

• Puls Biznesu

   

• Super Express

   

• Zycie

(Source: Poland.pl, Poland.pl)

Judicial system

The judicial system acts as an independent division of government. Its independence and powers are protected by the National Council. Members of this council comprises First President of the Supreme Court, Minister of Justice, President of Chief Administrative Court, a person appointed by the President, 15 judges of Supreme Court, 2 deputies and 2 senators.

Judicial system consists of 4 types of courts, namely:

• Supreme Court

• Common courts

• Administrative courts

• Military courts

The Supreme Court is the apex court for hearing all kind of matters. It is also responsible for supervising judgements of common courts and military courts. Common courts also hold power to resolve all subject matters under supervision of Supreme Court. The Chief Administrative Court and other courts look after issues related to public administration.

(Source: Poland.pl)

Literacy rate

The adult literacy rate of St. Lucia is estimated to be 94.8%.

(Source: UNDP)

Education resources

The expenditure on education in 2008 amounted to 6.3% of GDP. Education is compulsory in the country for children aged between 5 and 15.

The net enrolment in primary education was 91% for females and 92% for males. The enrolment in secondary education was 88% for females and 76% for males. The tertiary education registered a gross enrolment of 15%.

(Source:  estandardsforum.org)

Healthcare

Thetotal expenditure on healthcare in 2007 made up 6.3% of GDP.

In 2008, about 18 cases of tuberculosis diseases were registered, leading to a death rate of 0.94 per 100,000 people in the country. In 2004, the major causes of deaths in the country were cardiovascular diseases (30%) and cancer (20%).

There are two public hospitals and one private hospital in the country with 280 hospital beds per 100,000 people.

(Source: estandardsforum.org)

The government of St. Lucia is a constitutional monarchy, wherein Queen Elizabeth is the head of state. The Queen is represented by a Governor General. The prime minister is the head of the government.

(Source: commonwealth-of-nations.org)

The country’s parliament is bicameral and includes the Senate and the House of Assembly. The Senate has 11 members, appointed for a term of five years. Of the 11 members of the Senate, six are appointed by the advice of the prime minster, three on the advice of the leader of the opposition and two by the governor general. The House of Assembly has 18 members, directly elected for a term of five years.

(Source: IPU)

The major political parties in the country include:

• United Workers Party (UWP)
• Saint Lucia Labour Party (SLP)
•  National Alliance
• Saint Lucia Freedom Party

(Source: caricom.org)

Regulatory environment

The country’s economic freedom score is 70.8, making it the 26^th freest economy in the 2011 Index of Economic Freedom. St. Lucia ranks 2^nd out of 29 countries in the South and Central America/Caribbean region.

(Source: Heritage.org)

Corruption perception

St. Lucia is not ranked in the Corruption Perception Index 2010. However, in the 2009 index, it was ranked 22^nd with a score of 7, which indicates the perceived levels of corruption in the country is low.

(Source: transparency.org)

Freedom of information

The restriction on media in St. Lucia is limited. The media in the country are mainly private owned. In 2006, the parliament cancelled the media legislation, under which individuals were jailed for publishing false news.

The various newspapers in the country include:

• The Voice
• The Mirro
• The Star
• The Crusader
• The Vanguar
• One Caribbean

 (Source: BCC)

Judicial system

The Caribbean Court of Justice (CCJ) is the supreme judicial organ in the Caribbean Community and the final court of appeal for the member states in the community.

The judicial system of the country is composed of a High Court and District courts. The cases are appealed in the Eastern Caribbean Court of Appeal and are reviewed in the Judicial Committee of the Privy Council in London.    

The Eastern Caribbean Supreme Court (ECSC) is a superior judicial tribunal for the nine independent countries in the Eastern Caribbean.

(Source: eccourts.org, stepjournal.org, caribbeancourtofjustice.org)

The country’s total labour force in 2007 was 85,260, comprising 50.5% of the total population. Of the total labour force 72,780 were employed.

(Source: National Statistics)

Unemployment rate

 

(Source: National Statistics)

Unemployment in 2007 was recorded at 14.6%, as compared to 13.7% in the previous year.

In 2008, the participation rate of the male labour force was 78.2% and of female labour force it was 51.1%. In 2007, the total labour force participation rate was 75.9%.

(Source: UN)

Minimum wage

The minimum wage in the country for office clerks is XCD 300 per month, for shop assistants it is XCD 200 per month and for messengers it is XCD 160 per month.

(Source: state.gov)

Level of unionisation

The major trade unions in the country include:

• National Workers Union - St. Lucia (NWU)
• St. Lucia Seamen, Waterfront & General Workers' Trade Union (SWGWTU)

 (Source: ICFTU)