The economic environment of the media market in 2022, Poland

In 2022, the Polish economy struggled with high inflation and rising operating costs. The government implemented anti-inflation measures, but their effects were mixed. The lack of investments from the National Reconstruction Plan (KPO) resulted in lower GDP and hindered the fight against inflation. The Polish Deal, despite being introduced promptly, turned out to be unsuccessful, limiting entrepreneurs and employees.

The Russian aggression in Ukraine caused turmoil in financial markets and an influx of refugees. Disruptions in supply chains and an energy crisis hindered business operations. The healthcare system continued to uphold the issue of limited access to services and staffing problems. The lack of indexation in public procurement worsened the situation for contractors. Actions are still necessary to improve the economic and social situation in Poland.

In 2022, the Polish economy grew by 4.9%, compared to nearly 7% in 2021. The growth was driven by an increase in inventories and consumer spending. Investment growth was moderate, and the negative foreign trade balance had an impact on GDP. Domestic demand increased by 5.5%, and overall consumption rose by 2.1%. Inflation reached 14.4%, leading to higher costs of debt servicing. Consumption was affected by rising prices, while the public sector supported investments. The utilization of EU funds from the 2014-2020 period is nearing completion, signaling the end of that funding cycle. 

The Polish economy is currently facing challenges, with inflation reaching its peak. However, there are expectations for a slowdown, with projected GDP growth of 0.8% in 2023 and 2.2% in 2024. In the midst of this, it is noteworthy that approximately 14,000 Ukrainian firms have been established in Poland, reflecting the influx of over 1 million refugees from Ukraine. Additionally, trade with Germany plays a significant role, accounting for 10% of Poland's GDP. These factors collectively shape Poland's economic situation.

Published: September 25, 2023

WERONIKA SZWARC-BRONIKOWSKA
VICE PRESIDENT | MEDIA PEOPLE
MEDIA EXPERT, ENTREPRENEUR, LECTURER AT UNIVERSITY SWPS, SENIOR MEMBER OF PROGRAM BOARD IN THE INTEGRATED MARKETING FORUM (FMZ).
weronika.szwarc-bronikowska@wecan.net
Working in the media industry since 1997. From January 2017, Co-Founder and Vice-President of Media People. After one year of operation, Media People became the highest-rated independent media house in Poland in “The report of best advertising agencies and media houses” made by Media & Marketing Polska magazine and the winner of the "Debut of the year 2018" award by Panorama Raport, press magazine. In 2021, Media People became finalist of a competition for the best company in Poland held by the Center for Entrepreneurship of the Management Department, managed by graduates of the University of Warsaw. In the past, she worked on the side of the largest publishers (Agora, Prószyński, ZPR). Since 2005, she has been running her own companies. In 2017, she was chosen to be one of two Polish participants of the local “She's Mercedes” campaign featuring inspiring woman in marketing business in different parts of the world.

Related topics

Poland

Recently viewed articles

The economic environment of the media market in 2022, Poland

The purpose of our website is to provide information. All content has been compiled with the utmost care and is regularly checked. The page content is general, descriptive content, but there may be variations due to country-specific characteristics and legal regulations depending on the user / place of use.  The information on the webpage is not to be considered as business or legal advice for specific situations. The publisher shall not be liable for any legal consequences arising from the use of the information. If you want an official position, always contact the competent office if you need advice from the right expert.