The Economic Environment of the Media Market in Poland 2023

In 2023, Poland experienced its weakest GDP growth in decades, with the rate falling to just 0.2% from 5.3% in the previous year. This slowdown points to a period of economic stagnation, though investments helped stave off a recession. The end of 2023 showed no significant economic revival, but economists anticipate a recovery in 2024 driven by increased consumption. This anticipated growth is expected to be fueled by real wage increases in the private sector, higher social transfers, and salary hikes in the public sector. The unemployment rate stood at 5.1% in December 2023, while average salaries continued to rise.

Inflation saw a decline, averaging 11.4% for the year compared to 14.4% in 2022. Efforts to combat inflation included interest rate hikes and the introduction of the "2% Loan" program for individuals under 45 years old without their own housing. This initiative significantly boosted mortgage demand and contributed to a rise in property prices, which increased by over 20%.

Key economic drivers included the extension of the energy price freeze, the reduction in VAT on food, and favorable court rulings for individuals with Swiss franc loans. Poland also made notable advancements in renewable energy; in 2023, wind and solar energy accounted for 21% of the country’s electricity production, up from 16% in 2022. Renewables represented 27% of Poland's overall energy mix. The push for energy independence accelerated by Russia’s invasion of Ukraine has led to increased installations of heat pumps and photovoltaics.

With an average annual exchange rate of 4.2 PLN per USD, Poland's GDP in 2023 amounted to 808.2 billion USD, placing it among the world’s top 20 largest economies. Despite the substantial number and purchasing power of Polish consumers, the advertising market remains relatively underinvested compared to other Central and Eastern European (CEE) countries, indicating potential for future growth.