Work on Wroclaw stadium resumed

A discussion on the general schedule of investments was the main subject of Wednesday's meeting of the representatives of the new Wrocław stadium contractor for the European Football Championships in 2012 - Max Boegl company with the management and engineers of Wrocław 2012.

According to Wrocław 2012 Press Officer Ms. Magdalena Malara talking to the Polish Press Agency , first construction workers are to enter the stadium construction site next week. Their task is the organization of the construction site and all necessary preparatory works. Works at full speed are to begin by the end of March.

Member of the Max Boegl Board – Mr. Gerhard Hupfer assured that the deadline for completing construction works, scheduled for 30th June 2011, was by all means feasible. “In the second half of 2011, the Wrocław stadium shall host first football matches"- said Malara.

She also added that the German company was going to introduce changes at the construction site in order to improve logistics. "The most important ones include widening of the haul roads and moving some cranes that are presently operating at the construction site" - the spokesperson explained.

Wrocław authorities signed the contract with a new constructor in mid-January. Earlier on, the City of Wrocław terminated the agreement with the consortium led by Mostostal Warszawa S.A. According to Wrocław authorities, the first stadium constructor had a few months of delay in the construction works and was not able to complete the project on time.

Wrocław stadium for Euro 2012 shall seat over 40 thousands spectators. It will be a multifunctional facility where, apart from matches, it will be also possible to organise numerous events, e.g. concerts. Under the tribunes, there will be constructed four independent buildings in which, inter alia, the biggest fitness club in Wrocław, a casino, a disco as well as conference rooms and offices.(2012.org.pl)

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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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