Lidzbark county to invest in thermal springs

Lidzbark Warmiński presented a concept of a new investment which is to consist in constructing Warmia Thermal Springs i.e. a swimming pool complex with hot mineral water to be built by 2012 close to Krzyżowa Góra in the vicinity of national road51.

The project has been approved by the Ministry of Economy. In the frame a “Good Practices” contest the Ministry allocated 250 thousand PLN for the preparation of the thermal’s springs concept. The investment is to cost 35 million EUR. Half of the money will come from the Regional Operational Programme (ROP) for the Warmia-Mazury voivodship for the years 2007-2013. The Warmia Thermal Springs entered the list of key ROP projects for the region and thanks to an intention agreement with the voivodship’s self-government 17.5 million EUR was earmarked for the purpose. The rest of the funds is expected to come from the emission of municipal bonds. However, due to the commune’s little experience in realisation of this kind of investment and the scale of the project, the local government has been looking for a private partner who would take charge of the planning and construction works. After the project’s completion the private partner becomes a co-shareholder of the company. In his interview for “Gazeta Olsztyńska” Marek Chyl, representing the Lidzbark administration, said that the authorities are open also to foreign investors.

The project’s implementation is planed to start in the 3Q of 2009 and should be completed by December 2012. The complex is to be comprised of hot brine swimming pools (27-36 °C), a wellness centre, a hotel and restaurants as well as a sport centre. The energy needed for the thermal centre will come from renewable sources that is why an alternative source of energy in the form of a bio-gasworks is planed to be constructed in the vicinity of the centre. (Lidzbark Warmiński, Gazeta Olsztyńska)

A model of the Warmia Termal Spirngs. Source: Lidzbark Warmiński

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• ● In December 2009 and January 2010, as in previous months in the second half of 2009, the Polish economy stood out against other countries in terms of GDP growth. Poland’s economic growth was higher than projected and higher than in other European countries.
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• In 2009 construction output increased by 3.7%.
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• Retail sales increase in most product groups.
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• On the Warsaw Stock Exchange, stock prices were very volatile in January 2010.
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• At the end of December 2009 the registered unemployment rate (claimant count rate) amounted to 11.9% versus 11.4% in November.
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• At the end of January the president signed the 2010 budget bill into law. The bill was adopted by the parliament on December 18.
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• In the fourth quarter of 2009 the Polish economy turned out to be more resistant to the global crisis than had been projected and than the economies of Polish neighbours, something which boosts optimism in forecasts for 2010 and the next years.
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WEEKLY MARKET ANALYSIS

The last portion of macroeconomic data for January will be released on Friday when the National Bank of Poland (NBP) is expected to publish balance of payments figures. We estimate that the current account deficit reached EUR580 million while the consensus of the “Parkiet” daily is EUR614 million. We expect that growth in exports slowed slightly in January to 10.9% y/y. We also predict that imports had already made up for last year’s losses and rose by 7.7% y/y in January.

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