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Contents
- Przegląd gospodarczy
- Investment Market
- Industrial Market
- Office Market
- Retail Market
The Polish economy grew by 6.5% in 2007 and GDP is forecast by Eurostat to grow at 5.6% and 5.2% in 2008 and 2009 respectively.
Economic growth has been driven by rising employment, consumer spending and increased activity in the commercial, residential and infrastructure sectors.
Measured by GDP, Poland is the 8th largest economy in the European Union although when ranked by GDP/ capita, which stands at €7,780, its position slips . Should Poland achieve the EU average GDP/capita of €22,470, it would be the 6th largest European economy.
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Unemployment fell from 13.8% in 2006 to 9.6% at the end of 2007. In major cities such as Warsaw, Kraków, Łódź, Wrocław and Poznań the rate is significantly lower and for many companies recruitment of white and blue collar staff and manual labour is a challenge. Whilst salaries remain comparatively low, unless emigrants can be encouraged to return to work in Poland the country’s development as a European BPO (Business Process Outsourcing) centre may be restricted. Already, the labour force on many Polish construction sites is foreign.
Rising employment has pushed salaries upwards by almost 9% over a 12 month period.
Poland hopes to adopt the Euro in 2012 but presently only meets three out of four target criteria; those for public debt, price stability and the base lending rate.
The target budget deficit is 3% of GDP whereas the current figure stands at 3.9%. In order to control inflation the National Bank of Poland may be forced to increase base rates and could therefore breach a second criteria.
Warsaw Commercial Property Market 2008
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