Setting the Economy Scene in Poland
In recent years, Poland has emerged as a dynamic and rapidly growing market in Europe.
Despite global economic uncertainties, Poland has shown resilience with steady GDP growth, a diversified economy, and a stable political environment. The country’s strong industrial base, growing tech sector, and increasing consumer spending make it an attractive destination for businesses across various industries.
Economic Growth and Consumption
Poland's economy is emerging from a slowdown, with GDP growth projected at 2.6% in 2024 and 4.1% in 2025. According to market research in Poland, high consumption is a key driver, rebounding from a dip in late 2023. Monthly economic indicators suggest a rise from 1% in Q4 2023 to about 2.2% in early 2024. However, stagnation in construction and weak export performance will limit growth in the latter half of 2024. Investment and net exports are expected to contribute minimally, making household consumption crucial for the economic recovery.
Unemployment Rates
Poland's unemployment rate remains among the lowest in the EU, forecasted at 5.3% by the end of 2024. The current rate stands at 5.4%, reflecting a seasonal increase. As the economy recovers, labor shortages might emerge as a potential issue.
Investment and Exports
Real GDP growth is expected to reach 2.8% in 2024, driven by private consumption and supported by wage increases and government social support. According to recent market analysis in Poland, investment growth will be less vigorous due to the end of EU funding from the 2014-2020 programming period.
In 2025, GDP growth is forecasted to rise to 3.4%, supported by continued private consumption and EU-funded investments. However, delays in EU projects and higher household savings rates pose risks to this outlook.
For more detailed statistics, you can refer to Spondeo's publications, which is available for free.
Key Sectors for Market Research in Poland
Understanding the main sectors within Poland's economy is essential for effective market research. By focusing on these key industries, businesses can gain valuable insights and tailor their strategies to meet market demands. This section explores the primary sectors driving growth and innovation in Poland, offering a closer look at the opportunities and challenges they present for market research in 2024.
1. Tech and Innovation
Government Initiatives and Foreign Investments
Poland's advancement in the tech domain is driven by several key factors. Government initiatives have created a conducive environment for tech growth, offering tax incentives and funding opportunities that attract both local and international entrepreneurs.
Strategic Geographic Location
Poland's strategic location at Europe's crossroads offers access to various markets, a skilled workforce, and cost-effective operations, making it attractive for multinational corporations to establish tech and R&D centers. International collaborations further integrate Poland into the global tech research network.
Flourishing IT Sector
Poland's IT sector is booming, with between 60,000 enterprises, including 2,500 companies employing ten or more people. The industry thrives on a talented workforce in software development, AI, and cybersecurity, with 11,000 IT graduates annually.
2. Manufacturing
Poland's manufacturing sector is a cornerstone of its industrial output, accounting for 86% of the country's total production. Key segments include food products (16%), motor vehicles (10%), metal products (7%), and rubber and plastic products (6%). The sector is showing signs of recovery, with industrial production growing by 3.3% year-on-year in February, surpassing expectations. This recovery is broad-based, driven by investment in machinery, transport equipment, and natural gas-related industries.
Despite some declines in mining and utilities due to global energy prices and weather conditions, the sector benefits from robust real wage growth and substantial EU funding. Projections indicate Polish manufacturing output will reach approximately €625 billion by 2028, reflecting a steady annual growth rate of 3.3%. Poland’s strong performance places it 6th in global rankings.
3. Retail and E-Commerce
Poland is becoming a major player in European e-commerce, with rapid growth in online shopping. The number of e-commerce stores is increasing each year, and over 15 million Poles shopped online in 2023, a number expected to surpass 20 million by 2029. Smartphones are the top choice for online shopping, supported by high internet access among users aged 7 to 75.
Investment in digital infrastructure and easy online payment options are driving this expansion. Almost two-thirds of Poles bought products online in 2023, with popular items including clothing, electronics, and cosmetics. Allegro, a leading local e-commerce platform, is a major player in the market.
For market research companies in Poland and those focused on market analysis in Poland, the growth and evolving trends in e-commerce present valuable insights. The trend of combining online and physical store shopping is enhancing the overall shopping experience, and with e-commerce revenues projected to reach $20.5 billion by 2029, Poland’s e-commerce market shows a promising future.
4. Renewable Energy
Poland's commitment to renewable energy is evident with wind and solar power generating over 21% of the country's electricity in 2023, up from 16% in 2022. The share of renewables reached 27% in 2023, approaching the 32% target set for 2030. Coal generation has dropped significantly, now accounting for only 61% of electricity, a substantial decrease from previous years.
Market research companies in Poland are closely monitoring this sector as Poland advances its renewable energy goals. Photovoltaics (PV) are getting more popular, supported by government programs and decreasing module prices. Wind power, including offshore projects, is also expanding despite past restrictions. The country aims to increase offshore wind capacity significantly by 2030, supported by new legislation and investments.
For comprehensive market analysis in Poland, understanding these shifts in the energy landscape is crucial. The ongoing development in renewables presents key insights for market research in Poland, highlighting opportunities and trends in the growing renewable energy sector.
Spondeo Market Research Services
At Spondeo, one of the leading market research companies in Poland, we provide tailored solutions to help businesses excel in the competitive landscape of Central and Eastern Europe (CEE). Our services are designed to offer deep insights and actionable data, making us a valuable partner for anyone looking to leverage market research in Poland.
We specialize in connecting you with key industry players, whether through direct meetings with potential clients or by facilitating valuable business partnerships. Our expertise extends to ensuring your product aligns perfectly with market demands, supported by meticulous market analysis in Poland.
From delivering concise flash reports that highlight essential information to arranging successful study trips and events, our services are designed to smooth your decision-making process and increase your business operations. Whether you’re looking to establish connections, manage complex projects, or host impactful events, Spondeo provides the support and insights needed to navigate the dynamic Polish market with confidence.
Local Expertise
Founded in 2014, Spondeo is a Finnish-Polish family company based in Poznań, Poland, bringing a rich blend of local knowledge and international perspective. With a proven track record of over 600 projects and more than 1500 meetings organized, we excel in connecting people and facilitating business relationships.
Data-driven Analysis
At Spondeo, we prioritize transparency in our data-driven analysis. We research the most recent market data to provide you with accurate and actionable insights. Our commitment to openness means we share not only our findings but also the challenges encountered and feedback received from the market. We believe in a candid approach, ensuring you have a clear understanding of the data and the context behind it.
Competitive Analysis
Our competitive analysis offers a comprehensive view of your market landscape. We research the strengths, weaknesses, opportunities, and threats posed by your competitors, providing a clear picture of where you stand. By examining the latest market trends and competitor strategies, we identify key areas for differentiation and growth.
Spondeo Q&A
What other services Spondeo offers besides Market Research?
In addition to market research, Spondeo provides recruitment services, sales boost, consulting, and advisory services.
How many clients has Spondeo served?
Spondeo has provided market research in Poland and other services to over 300 clients across Finland, Poland, and other CEE countries.
How many projects did Spondeo work on?
Spondeo has worked on over 800 projects with a strong focus on market research in Poland and market analysis in Poland.
How can I contact Spondeo for market research services in Poland?
You can contact Spondeo for market research services in Poland by reaching out to Co-founder Tuomas at tuomas@spondeo.fi or Senior Business Consultant Andrzej at andrzej@spondeo.fi.
What are the outcomes of having market research done by Spondeo?
Spondeo offers a deep understanding of market trends, valuable market insights, and knowledge of your competitive advantages, along with tailored recommendations for overcoming challenges and refining your market strategy approach.
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