Alpine Bau and Hydrobudowa to build National Stadium in Warsaw

German-Austrian-Polish consortium of Hydrobudowa Polska SA and PBG with Alpine Bau Deutschland AG, Alpine Bau GmbH and Alpine Construction Polska Sp. z o.o. has won the tender for the second stage of the construction of the National Stadium in Warsaw and the contracts are to be signed next week, the National Centre for Sport has informed.

The consortium is to complete the PLN 1.252 billion investment within 24 months. The National Stadium in Warsaw is planned as the largest construction for Euro 2012, the Polish News Agency reports. The new stadium is to host the opening game, one quarter final and one semi final. The National Stadium was designed by German JSK Architecture Company. It will have two rings of stands – upper and lower, with 55,000 sits. The grass will be laid on a ferro-concrete slab placed 8 meters higher that the slab of the former Tenth Anniversary Stadium. A two-level car park is planned below. The façade of the National Stadium refers to Polish national colours bearing the motif of the white and red flag.

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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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