Good prospects for Polish car manufacturing plants

Polish car manufacturing plants have an edge over competition owing to the fact that they produce small and mid-size cars, Rzeczpospolita daily reports. The presentrecovery should boost their sales.

Wojciech Drzewiecki, head of the Automotive Market Research Institute Samar told Rzeczpospolita that the regulations increasingly favour smaller vehicles, which are more economical and emit less CO2. According to him, car production in Poland, 90% of which is exported, should not suffer despite the expected drop in new car sales in Western Europe.

The Opel factory in Gliwice noted very good results in the first two months of 2010. The number of new orders for Opel Astra IV exceeded 100,000 units, which represents a half of the planned production of this model for 2010. Fiat factory in Tychy also expects good results – production grew by 27% in January and February, Rzeczpospolita informs.

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%.

MARKET INFO

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