Poland’s economy has enjoyed turbocharged growth in recent decades, fuelled by a mix of export activity, strong internal demand, foreign direct investment and improving productivity levels. Since 2004, and the country’s accession to the EU, gross domestic product (GDP) has expanded by 90%, according to central bank figures. This performance, which has earned the moniker of ‘the Polish economic miracle’, has cemented the country’s position as one of the fastest growing markets anywhere in the world.
The onset of the Covid-19 pandemic only dented this growth to a marginal degree: GDP contracted by just 3.5% in 2020 against an EU average contraction of 5.9%. This marked the first and only time the Polish economy has contracted since 1990. It has since passed its pre-recession peak by expanding by 5.7% in 2021, according to the country’s statistical office.
