Polish exports going strong

"We should intensify commercial cooperation with our neighbours to leverage the potential of Central and Eastern Europe”, Deputy Prime Minister and Minister of the Economy, Waldemar Pawlak told an Export Credit Insurance Corporation conference on Polish export in the times of global crisis.

Pawlak underlined the good standing of Polish enterprises. “Our entrepreneurs are engaged in active business efforts regardless of the global turmoil and Polish products are known around the world”, the Deputy Prime Minister added. He also remarked that the low exchange rate of the Polish złoty provides significant support for Polish exporters.

According to Deputy Prime Minister Waldemar Pawlak, Polish companies are increasingly interested in innovative solutions that help them attract contractors. Those efforts could be promoted with support instruments that the government prepares. "Entrepreneurs who plan to implement new technologies can use, among other things, a technological loan offered by Bank Gospodarstwa Krajowego”, Pawlak said.

The Secretary General of the National Chamber of Commerce, Marek Kłoczko, remarked that according to research conducted across the EU markets the Polish entrepreneurs are Europe’s most optimistic as regards the current economic situation. “Positive approach is not sufficient, though. We need a cohesive programme of support for our exporters. We hope that a system that will support the Polish economy on international markets is going to launch soon. The system will be implemented under action 6.5 Innovative Economy”, he said.

The President of the Polish Bank Association, Krzysztof Pietraszkiewicz, underlined the strong position of Polish exports on the European market. “Polish products compete not only by price, but firstly by quality and production diversity.However, new markets are needed for our goods.It is also very important for financial institutions to cooperate and support companies, for example, in form of preferential loans”, he added.(MoE)

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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