This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
The chart accompanying this analysis shows cumulative real GDP growth in EU countries between 2020 and 2025, as well as growth per capita. Over this period, Poland recorded the fourth-highest increase in overall GDP (17.9%), trailing only Malta, Cyprus, and Croatia. Ireland has been excluded from the comparison due to distortions in its GDP figures.
Interactive chart When it comes to GDP per capita, Poland moves up one rank. The country’s population has declined – even after factoring in the influx of Ukrainian refugees following Russia’s aggression, as captured in the AMECO database – meaning that per capita GDP growth outpaces overall GDP growth. Poland now surpasses the small island nations of Malta and Cyprus. The latter have seen significant population increases, also driven by immigration: Malta’s population grew by roughly 16% (around 80,000 people), and Cyprus’s by 10% (around 90,000 people). Ahead of Poland remain only Croatia and Bulgaria.
In five EU countries, per capita GDP in 2025 remains below pre-pandemic levels (2019): Germany, Austria, Estonia, Finland, and Luxembourg. In each case, real GDP has already exceeded 2019 levels, but population growth in the interim has outpaced output growth, leaving per capita GDP still lagging. Structural economic challenges in Germany and Finland have been documented in recent years, while Austria’s economy remains traditionally closely linked to Germany’s. Estonia presents an interesting case: over the past five years, it has performed noticeably worse than its Baltic peers, Latvia and Lithuania.