Economic recovery rebounds amid reopening

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MEDIUM RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in July 2021.

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GDP
USD594.2bn (World ranking 20, World Bank 2020)
Population
38.0mn (World ranking 39, World Bank 2020)
Form of state
Parliamentary Republic
Head of government Mateusz MORAWIECKI (Prime Minister)
Next elections 2023, legislative
  • EU membership
  • Diversified sectoral external trade structure
  • Robust domestic demand
  • Banking sector resilient overall
  • Solid track record of moderate inflation
  • Strong business environment overall
  • Political and policy uncertainties
  • Slow structural reform progress
  • Pro-cyclical fiscal stimulus in recent years
  • Non-diversified regional external trade structure
  • High external debt burden

Trade structure by destination/origin

(% of total, annual 2020)

Exports Rank Imports
Germany 28.9%
1
21.9% Germany
Czech Republic 5.9%
2
14.4% China
United Kingdom 5.7%
3
5.0% Italy
France 5.6%
4
4.5% Russia
Netherlands 4.2%
5
3.9% Netherlands

Trade structure by product

(% of total, annual 2020)

Exports Rank Imports
Road vehicles 9.7%
1
8.7% Electrical machinery, apparatus and appliances, n.e.s.
Electrical machinery, apparatus and appliances, n.e.s. 9.0%
2
8.1% Road vehicles
Miscellaneous manufactured articles, n.e.s. 5.9%
3
4.9% Other industrial machinery and parts
Furniture and parts thereof 5.1%
4
4.5% Miscellaneous manufactured articles, n.e.s.
Manufactures of metal, n.e.s. 5.0%
5
4.4% Office machines and automatic data processing machines
Payment terms and late payment interest are regulated in accordance with applicable EU rules; however the standards put in place are among the most lenient in Europe. As a result, DSO remains excessive at around 69 days.

  • Low

  • Medium

  • Sensitive

  • High

  • Payments

  • Court proceedings

  • Insolvency proceedings

  • Payments

  • Court proceedings

  • Insolvency proceedings

  • The payment behavior of domestic firms is generally reasonable, with the average DSO at 58 days. Domestic regulations on late payments are more demanding than EU standards while, the government has recently endeavored to adopt new reporting principles and access to data has improved.
  • Amicable and pre-legal collection process are fairly efficient in Poland, especially when a settlement is authenticated by a notary, and can be enforced through fast-track proceedings. Legal action can end up taking a long time, but are quite reliable.
  • Collecting debt from insolvent debtorsis a challenging task and, although debt renegotiation mechanisms have been set up, they are rarely relied upon.
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