Poland’s GDP is already 80% of the EU average

Eurostat has presented data on Gross Domestic Product per capita at purchasing power parity. Poland’s results are very good – our economy recorded further growth, reaching an unprecedented level of 80% of the EU average. In 2004, when Poland became a member of the European Union, this level was about 51% of the EU average.

Poland in 5th place

Data published by Eurostat indicate that the measure in question has increased by 7pp in Poland since 2019. This is the 5th highest result among the EU countries analysed. In our region, the Czech Republic (91% of the EU average, down 2pp compared to 2019), Lithuania (87%, up 3pp compared to 2019) and Estonia (81%, down 2pp since 2019) can boast higher scores. Only a small distance separates us from one of the country of the “old fifteen”. It’s Portugal (83% of the average in 2023). We have been ahead of Greece for a long time (67% of the EU average in 2023). In addition to the aforementioned Greece, 6 other EU countries had a rate lower than Poland in 2023. These were: Romania – 78%, Croatia and Hungary – 76%, Slovakia – 73%, Latvia – 71% and Bulgaria – 64%.

Diputible Leaders

The highest GDP per capita in 2023 was recorded by Luxembourg (261% of the EU average). Ireland came in second place (212% of the EU average). However, the performance of these countries is a separate matter. Their GDP is made up of factors such as the large number of foreigners employed, who are not residents. The second issue is the presence of international companies. A large part of their income returns to their owners based abroad.

The methods used to calculate GDP

GDP per capita is the ratio of the value of the Gross Domestic Product at current prices to the population of a given area.

GDP per capita according to PPP is the value of GDP per capita calculated at Purchasing Power Parity (PPP). It is expressed in the common currency PPS (Purchasing Power Standard) in relation to the average for the European Union set as equal to 100. The calculation takes into account differences in the price level from country to country.

PPS (purchasing power standard) is a contractual currency used by Eurostat to eliminate the impact of differences in price levels between countries. It makes it possible to compare and illustrate differences in the level of economic development.

Source: Eurostat, Macroeconomic analyses “Dziennik Ekonomiczny PKO BP, 27.03.2024 r.“