Surprising data: In 2019-2024, productivity in Poland increased by 9.6 percent. – says EY, who analyzed GDP for an hour. In the last five -year -old We were more productive even than the United States. There, productivity was measured at 7.3 percent. We are also much better than Western European countries. In Germany, productivity during this period increased by only 0.7 percent, in Great Britain by 2 %, and in France it fell by 1.5 percent. However, we are not a European leader. In Malta (18.7 percent) and Serve (12.3 percent) Productivity was much higher. “Despite the initial decline during the pandemic period, productivity in our country increased throughout the entire period between the 4th quarter of 2019 and the second quarter of 2024” – we read.
Productive Poland: “This is mainly due to the convergence process – catching up capital and technological arrears in the face of more developed economies,” he notes Andrzej Kubisiak from the Polish Economic Institute. “The capital resource after the political change was low with us compared to countries like Germany or France. The efficiency with which we work, however, began to grow dynamically, including thanks to the possibility of using Western technologies” – we read in turn in the EY message.
Where did productivity increase the most? The most dynamically productivity increased in the sector of agriculture, forestry and fisheries (37.1 percent in 2019-24 compared to 9.1 percent in 2015-19). The situation on the real estate market is also interesting. Productivity slightly lost the pace, but it is still visible that it is developing dynamically (increased by 39.8 percent in 2015-19 and 35 % in 2019-24) and in construction, which has firmly accelerated in recent years (a decrease in productivity by 12.5 percent in 2015-19 and an increase of 13.8 percent in 2019-24). In turn, the slowdown was noticed in ICT industries, i.e. Information and Communication Technology (from 17.3 percent in 2015-19 to 1.7 % in 2019-24), finances (from 46.3 percent to 4.4 percent) and in trade, transport, accommodation and gastronomic services (from 15.9 percent to 10.5 percent). – Productivity reducing factors may include Problems with finding the right specialists and the transition to remote and hybrid work or overtime reduction – notes Maciej Stefański, a senior economist from the EY Economic Analysis Team.
Light future? EY forecasts that by 2027 productivity in Poland will continue to grow at a relatively fast pace. – We forecast that The increase in productivity in Poland for the next 3.5 years will be similar or slightly faster than that of the last 4.5 yearswhich means slight acceleration in an annual basis. This will certainly have an adverse demographics, which will make it difficult to develop by increasing employment and force you to improve work efficiency. AI will also be an additional factor that increases productivity, but in this case our estimates for the coming years are more cautious compared to some market projections. If the level could be increased investmentan increase in productivity could be even greater – predicts Marek Zręt, head of the Economic Analysis Team, EY chief economist for Europe and Central Asia.
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