More Euro 2012 in Poland

Ukrainian city of Lviv is likely not to be a host of EURO 2012 European Football Championships, ‘Gazeta Prawna’ reports. UEFA is to announce in May which cities will host sites of the championships. Lviv is expected to be excluded. Polish Chorzów or Kraków may be announced the new location for the games, ‘Gazeta Prawna’ found out.

When the organization of EURO 2012 championship was granted to Poland and Ukraine in April 2007, UEFA said the two countries would each host four sites during the games. However, Ukraine has faced more serious problems with the preparations and now it seems the distribution of sites will be different, the newspaper said.
According to ‘Gazeta Prawna’ the preparation for EURO 2012 in Poland is also lagging behind. The daily points out that the renovations of railway stations, modernization of railway connections, road and highway construction are not going well.

Polish Market

ECONOMIC MONITOR

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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

Retail sales up again in June
Retail sales growth in nominal terms accelerated in June to 6.4% y-o-y from 4.3% y-o-y in May. The increase was higher than expected. In real terms, retail sales growth accelerated to 4.5% y-o-y from 2.0% y-o-y. June was a consecutive month with retail sales figures stronger than expected, which indicates that consumption is recovering after it slowed significantly at the beginning of the year. Private consumption is driven by an improvement on the labour market coupled with a rise in disposable incomes. In Q2 2010 retail sales grew by around 3% y-o-y in nominal terms and around 1% y-o-y in real terms. On the basis of retail sales and industrial production data, it can be estimated that the GDP growth rate was close to 3%.

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