Poland economic situation and development. Sunday, 20th July 2014 Source : Horwath HTL Poland
During the economic slowdown in the worldwide economy in 2009 through 2010, Poland was the only country in the region and among 27 European Union countries that recorded gross-domestic-product growth.
GDP rose in 2013 by 1.6% year over year, and the forecasts for 2014 and 2015, according to the International Monetary Fund, predict economic growth at the level of 3.2% and 3.4%, respectively.
GDP Growth in Poland in 2008-2013
Source: General Statistic Office
The stable economic situation in Poland encourages many foreign investors to develop in the country. Since political transformation in 1989, Poland has achieved foreign direct investment total value of more than €160 billion ($218 billion), according to the Polish Information and Foreign Investment Agency.
As a result, there is an active office supply market, led by Warsaw as well as other major polish cities such as Cracow, Poznan, Wroclaw and Gdansk. The office market in Poland is dominated by Warsaw, which holds a 59% market share of the total modern office stock, according to DTZ Poland.
The supply office space in major Polish cities in Q1 2014 (sq.m)
Source: General Statistic Office
The above are the cities with a significant boost in the economic market of the country. Warsaw has 4 millionsquare meters of office space supply, according to Colliers International.
There is 1 million square meters of modern office space under construction in Poland. The new supply planned for completion in this year is estimated at approximately 600,000 square meters.
This phenomenon is driven mainly by the enormous role of business process outsourcing centers. The BPO sector is the fastest growing sector in the country.
Poland accounts now for 3.4% of all jobs in the outsourcing sector in the world, according to Jones Lang LaSalle. Due to the Polish Information and Foreign Investment Agency, one-third of all investments operated by the agency are connected with BPO sector.
The Polish economy in recent years has revived large investments in infrastructure: construction of national and local roads; expansion of airports, including Gdansk, Poznan, Wroclaw, Rzeszow and Katowice; modernization of railway stations and railway lines; expansion of the energy sector; and the construction of four stadiums for UEFA Euro 2012.
Major investments have been made in road development. According to The Chancellery of the Prime Minister, in 2007 through 2013 almost 2,500 kilometers of motorways were constructed and further 775 national roads were built or rebuilt. In total, this gives Poland more than 3,000 kilometers of new roads and highways.
The value of the structural funds in Poland in the years 2007 through 2013 amounted to €67.3 billion ($91.6 billion). In 2014 through 2020, Poland will invest €82.5 billion ($112.3 billion) from the E.U. cohesion policy, which means a stable and further development of the infrastructure of the country.
Janusz is the Partner of the Warsaw Office of Horwath HTL and Vice President of Chamber of Commerce of Polish Hotel Industry. Prior to his career in consultancy he worked with one of the main polish hotel chains, as a General Manager of their hotels and Director of Sales and Marketing in the central office of the chain. At Horwath HTL he carries out projects in the field of planning and development of hotel investments, search and selection of international hotel brands and hotel operators. He also participates in creating marketing strategies, development and repositioning strategies for operating hotels, advises on hotel transactions. He is a regular speaker at the leading hotel investment conferences in Poland and CEE region. In addition to consulting Janusz is widely involved in the activities for the development of the hotel industry in Poland. He is an author of Hotelguidebook - the first polish guide for hotel investors and coorganizer of Hoteliers Academy in Poland. He speaks fluent English.
Marta is a Market Analyst at Horwath HTL Warsaw Office, specializing in hotel feasibility studies, market analysis and operational audits of the hotels. She joined Horwath HTL in September 2012 after completing her studies in Tourism at Warsaw University of Life Sciences. She also acquired knowledge while studying at universities in Germany, in Munich and Trier. After the studies she worked in various companies from hotel and leisure industry. At Horwath HTL she is responsible for cooperation with different hotel investors and preparation of consultancy assignments. She speaks fluent English and German.
Horwath HTL Poland Wola Center, Przyokopowa, 33, 01-208 Warsaw, Poland T +48 22 647 98 02 / www.horwathhtl.com
~ Important Notice ~ Articles appearing on 4Hoteliers contain copyright material. They are meant for your personal use and may not be reproduced or redistributed. While 4Hoteliers makes every effort to ensure accuracy, we can not be held responsible for the content nor the views expressed, which may not necessarily be those of either the original author or 4Hoteliers or its agents.