Second European Economic Congress in Katowice

During the three days of sessions (14th-16th April 2010), the city of Katowice will became a place for exchanging views and experiences as well as of debate for nearly 400 speakers, great personages of politics, business, science and economics.

The European Economic Congress 2010 (EEC) is one of the most important business events in Central Europe. The issues to be analysed and discussed this year at the Congress include some of the most significant problems of the global economy, the economic situation in Poland and in Europe, as well as the possibilities of combating and, eventually, overcoming the financial recession. The debate will also cover the climate package, the Polish presidency of the European Union and the importance of innovation in the economy.

Substantive and organisational aspects of the Congress are going to be supervised by the Organizational Committee - Patronage Council, under the honorary chairmanship of Jerzy Buzek, current President of the European Parliament.

Over the three days, EEC 2010 is going to bring together over 3500 visitors from Poland, Europe and the rest of the world.

More information about the European Economic Congress can be found at: www.eec2010.eu.

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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PODCAST

• Storm over homoerotic art show at Warsaw’s National Museum

• Poland’s new president Bronislaw Komorowski: a pragmatic, pro-business, euroenthusiast

• Poland and OECD innovation strategy

• How to make the Polish economy more innovative?

• Flooding hits Poland again: lessons for the future

• Does Poland need IMF Flexible Credit Line extension?

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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