Poland, Russia, and Hungary, economic tigers of Central and Eastern Europe

Poland is among the fastest growing economies in Central and Eastern Europe, trailing only Russia and Hungary. According to the latest data released by the Central Statistical Office (GUS), Poland's GDP rose 5.6% in the first half of this year while those of Russia and Hungary settled at 6.7% and 6% respectively. Economic growth in Russia, one of Poland's largest trading partners, has been welcomed by Poland as it opens opportunities for larger volumes of trade. In terms of unemployment, Hungary, the Czech Republic and Slovenia, with unemployment rates of 6.5%, 9.4% and 13% in the first quarter of this year, ranked better than Poland with 14% in the same period. Slovakia and Bulgaria have the highest unemployment figures in the region, with 19.4% and 18% in the first quarter. (Prawo i Gospodarka, p. 2).