This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
The market capitalization of domestic companies listed on the Warsaw Stock Exchange (GPW) reached nearly PLN 1.3 trillion (EUR 304 billion) at the end of June 2026. This was 13% higher than at the end of 2025. In nominal terms, it was also the highest level on record. Yet in this case, the more important measure is how the figure compares with the size of the economy.
Interactive chart The total valuation of all domestic companies listed on the Warsaw Stock Exchange now stands at around 31.8% of GDP. This is the highest level in almost a decade. The last time this ratio exceeded 30% was in mid-2018. It then declined steadily. Several factors contributed to the decline: restrictions on the activity of open pension funds, rapid economic growth accompanied by a limited number of new listings, the weak performance of state-controlled companies on the stock market, and, ultimately, the war in Ukraine. By the end of 2022, the ratio of listed companies’ value to GDP had fallen to just 18.5%. It remained at a similar level through 2024.
A very strong increase in this ratio took place last year. It was driven by the bull market on the Warsaw exchange, particularly among the largest companies. The data illustrates the trend clearly: the combined market capitalization of all companies increased by 53%, compared with a 47% rise in the WIG index. New listings accounted for only a very small share of the remaining growth.
The rise in stock market capitalization relative to GDP is a very positive signal. It indicates that the stock market is playing a growing role in helping the private sector raise capital. However, it would still be premature to describe this as a structural shift. The current level remains close to its long-term average. There have also been periods when this ratio was higher.
Poland also continues to lag behind in international comparisons. In the United States, this indicator is well above 200%; in Japan, it exceeds 190%; in the United Kingdom and France, it hovers around 100%; in China, it stands at 70%; and in Germany, at approximately 55%. The ratio is also higher in many emerging markets, including Chile, Thailand, Malaysia and the Philippines.
Market valuations should encourage more companies to list
The stock market is one of the key pillars of corporate growth financing. Without this component, it will be difficult to build companies capable of competing successfully on global markets. And without strong domestic businesses, it will be challenging for the economy to reach the world’s top tier.
Admittedly, in recent decades, private markets have emerged as a powerful competitor to stock exchanges as a source of financing, particularly through private equity funds. For some ventures, this model is sufficient. But when businesses reach a truly large scale, public markets remain irreplaceable.
The past few years have not been a particularly active period for new stock market listings, as valuations on the exchange remained low. This is now beginning to change. The core market valuation metric – the price-to-earnings ratio for domestic companies (weighted average) – has already climbed above 18. For comparison, at the end of 2022, during the period of greatest pessimism toward Polish companies, it stood at just under 8.
Hopefully, this will encourage more companies to finance their growth through the stock market, while a broader range of investment opportunities will attract new investors.