Wroclaw ditches EURO 2012 stadium contactor for delays

The Mayor of the City of Wrocław in south-western Poland has terminated a contract with Mostostal Warszawa for the construction of a stadium for European Football Championship in 2012. The stated reasons include 3-4 month-long delays.

As a consequence the company lost over 6% on the Warsaw Stock Exchange, wnp.pl reports.

‘We have terminated the contract with Mostostal, because we believe this company is unable to complete the project. I have consulted my decision with UEFA, Poland’s Minister of Sport Adam Giersz and Polish Football Association (PZPN) president Grzegorz Lato’ Mayor Dutkiewicz explained.

The selection process of a new contractor is underway. It is expected to be finalized within 2-3 weeks. The Mayor also declared that the stadium would be ready in spring 2011. He believes the investment is not endangered, wnp.pl informs.

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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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