The Polish economy is currently under rapid growth fuelled by thriving industries and services. It was one of the economies that kept increasing in value despite the financial crisis of 2008. It is currently the 8th largest economy in the European Union with a value of 529 bln EUR that keeps on growing year to year.
When taking a look at Poland’s major industries, we can see that they vary depending on the location within the country. Southern regions have more natural resources, and thus they have a more heavy classical industry consisting of mines and manufacturing plants. Bigger cities such as Warsaw tend to have more blue-collar workers within the financial and corporate business. Currently, Poland has a few thriving sectors that fuel its economic growth. So what are the main industries in Poland?
The Geography of Poland with a mild climate and plenty of arable plains sets perfect conditions for the agricultural sector to be one of the major industries in Poland. Main exports are processed fruits and vegetables, meat, and dairy products. Additionally, Poland is the largest producer of potatoes, rye in the EU and one of the world’s largest beets and triticale producers. Agriculture accounts for about 4% of Polish Gross Domestic Product and is responsible for roughly 12.5% of Poland’s employment, making it one of Europe’s so-called feeders.
One of the major industries in Poland worth mentioning is manufacturing. Thanks to a highly skilled workforce and relatively cheap labor compared to western European countries, the manufacturing market plays a vital role in the Polish economy. Being within the EU, located in central Europe, Poland has a good, extensive transport infrastructure that allows for fast and reliable supply chains to be created. It is an essential factor for companies that want to locate their production facilities in Central Europe. The output consists mostly of automotive production, but other things are produced, such as ships and electronics.
The Polish economy has created many well-established companies with massive influence in the local and global markets. One of the leading industries within which such things happened is the petrochemical and fertilizing industry. Two major polish companies operate within these markets and play a crucial role. Orlen is present at Warsaw stock exchange employing more than 20 thousand people, being the largest petrol station operator in Poland, and having its oil refineries. Grupa Azoty is one of the largest companies within Europe’s chemical sector, producing polymers and fertilizers.
The Financial and business sector
Since joining the EU, Poland has played a more significant role in the European financial and business market. It is currently one of the major industries in Poland. It keeps growing at an unprecedented rate year to year. This situation is possible thanks to a large and vast supply of highly skilled English proficient workers. There are many offices of foreign financial and business based corporations that provide services but also provide backend support for foreign offices thanks to relatively cheaper Polish labor. Many major global Consulting firms open their facilities seeking opportunities in the Polish market.
The Polish economy is growing and will continue to do so in the near future. There is still a lot of room to grow because Poland has not caught up to its western colleagues from the EU. This growth is driven because of Polish innovative and hardworking people. Additionally, many established sectors are growing at a much faster rate than GDP. Is it enough? There are more market opportunities and areas for growth that still haven’t been discovered. Who knows, perhaps you will be the next innovator capitalizing on emerging polish industries?