Bank Millennium

REKLAMA

Polish Market

ECONOMIC MONITOR

• Central Statistical Office (GUS): Adverse trends less pronounced in Poland than in most EU countries
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• In 2008 growth in investment was slower than in the previous two years when it was in double digit figures.
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• The outlook for the building industry was deteriorating since the third quarter of 2008.
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• In April 2009 retail sales were down by 0.7% y/y, compared to a drop by 1.8% in March.
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• In May 2009 most of the surveyed groups of service providers assessed business conditions as better than in April.
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• In May 2009 consumer confidence slightly improved.
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• The Monetary Policy Council keeps interest rates on hold, reduces the required reserve ratio
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• On the Warsaw Stock Exchange, stock prices were very volatile in May.
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• The share of consumer goods in Polish exports increases
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• Employment in the corporate sector was by 1.4% lower than in April 2008.
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• In the first quarter of 2009 financial results in all sectors of the economy worsened and were much poorer compared to a year before.
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• Summary
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PODCAST

• EC endorses Poland’s drive toward cleaner coal technologies

• Are Poland’s lower wages the only attraction for foreign companies?

• Why does Poland continue to attract foreign investors?

• ECB President Trichet and EC Commissioner Almunia give thumbs up to the Polish economy

• Polish shipyards’ problems solved?

• Polish President’s parliamentary address on the economy

COMING UP

Polish-Korean Economic Forum >>

WEEKLY MARKET ANALYSIS

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The most important macroeconomic data for Poland this week – an inflation estimate by the Ministry of Finance and the PMI index - will be released on Wednesday. We expect that CPI inflation increased from 3.6% y/y in May to 3.7% y/y in June due to a rise in fuel prices. We also estimate that PMI reached 43.0 points in June versus 42.55 points in May. The slight improvement in PMI is expected because economic conditions have improved in the euro zone.

MARKET INFO