In the paper, the Index of Sustainable Economic Welfare (ISEW) for Poland was calculated. The research covers the time period between 1990 and 2003. The lowest values of ISEW were observed in 1990, when Poland still experienced the economic crisis. Up to 1992, we can observe a dynamic growth then slowing down and progressing again in succeeding years, which eventually shows back a new and more moderate tendency started in 2000. It seems, that the stagnation effect in ISEW can be attributed, in order of potential, to categories like: losses caused
by commuting and road accidents, long-term environmental damage, expenditures on consumer durables, losses due to ozone layer depletion, change in net international position, depletion of non-renewable resources. Moreover, growing welfare inequalities penalize the value of ISEW in
recent years much more significantly than before.