New airport terminal for Gdansk

The board of the Lech Wałęsa Airport in Gdansk have commissioned a consortium of companies Budimex SA (consortium leader) and Doraco Sp. z o.o. to build a new passenger terminal for the city.

According to the contractor’s declaration, first preparatory works shall begin on 15 March. In late March/early April, ground works are scheduled to begin. The contractor has 24 months to complete the investment.

“We have done, and still do, our best to ensure the timely completion of the investment. On 1 March, we were granted the Pomeranian Voivode’s decision with permit to execute the investment, and on 3rd March we commissioned the construction site. We are going to inform the Pomeranian citizens and Lech Wałęsa Gdańsk Airport on the advancements in construction works“ - says Włodzimierz Machczyński, President of the Gdańsk Airport.

Therefore, we are currently developing a special bookmark on the Airport’s website, thanks to which each and every person will be able to personally check the progress of works, both by reading information, and by observing the site through the CCTV camera, transmitting the real time image of the construction site.(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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