Locked content Unemployment to fall to 11%

The registered unemployment rate in Poland will decline to nearly 11 percent in July-September, Deputy Labor Minister Jacek Męcina told radio station TOK FM. It will then grow seasonally. Sectors such as tourism, restaurants, horticulture and agriculture are important to the Polish labor market, Męc...

Locked content Exports to Russia down by 7.7% y/y

Poland’s exports to Russia declined by 7.7 percent year-on-year to USD 5 billion in the first half of 2014, Deputy Prime Minister and Economy Minister Janusz Piechociński said, quoting preliminary data from the ministry. In January-May 2014 exports to Russia had dropped by about 6.7 percent y/y. Dat...

Locked content PKO BP sees GDP growing by 4.5% in 2015

Economists from Poland’s largest bank PKO BP expects the country’s GDP to grow by 3.4 percent in 2014 and by 4.5 percent in 2015, chief economist Radosław Bodys was quoted as saying by ISBnews. Improved individual consumption, a new wave of infrastructure investments and the inflow of EU funds will ...

Locked content Szczurek: Poland will phase out IMF credit line

Poland plans to gradually eliminate it flexible credit line from the International Monetary Fund, Finance Minister Mateusz Szczurek told Bloomberg in an interview. “We’ll slowly pull out of the FCL, which we currently treat as a substitute for foreign-exchange reserves,” Szczurek said. “It’s a cheap...

Locked content General government deficit at 0.9% of GDP

Poland’s general government deficit, calculated according to ESA’10 methodology, amounted to PLN 3.5 billion after Q1 2014, the Ministry of Finance said on Monday. It accounted for 0.9 percent of Poland’s GDP. If transfers from private pension funds were included in the balance, there would be a sur...

Locked content Economic growth may lose momentum – BIEC

The forward-looking economic climate indicator calculated by the Bureau for Investments and Economic Cycles (BIEC) inched up by 0.5 points month-on-month in July, according to data quoted by the Polish Press Agency. Though the indicator did grow slightly, it is still below the peak level achieved in...

Locked content Finance Ministry upholds growth forecast

The Polish Ministry of Finance maintains its forecast for 2014 GDP growth at 3.3 percent despite worse macro data, Finance Minister Mateusz Szczurek was quoted as saying by the Polish Press Agency. “The huge quarter-on-quarter economic growth recorded in Q1 will be hard to repeat in Q2. We can see t...

Locked content Poland sells bonds worth almost PLN 6 bln

At an auction held on Wednesday, the Polish Ministry of Finance sold two series of bonds for a total sum of PLN 5.999 billion, according to a statement quoted by ISBnews. Total demand amounted to PLN 20 billion. The ministry sold bonds from the WZ0119 series, which mature in January 2019, for PLN 1....

Locked content Depression a huge cost to the economy

The Polish Social Insurance Office (ZUS) has calculated the cost of depression to the nation’s economy. Due to absences, illness benefits and rehabilitation a sum of PLN 760 million is being paid out annually. The National Health Fund (NFZ) spends less on depression, PLN 160 million. Dziennik ...

Locked content NBP to safeguard against volatile times

An amendment to the National Bank of Poland act will prepare the nation’s financial system for extreme situations, exclaimed NBP president Marek Belka. At the same time explaining that he does not expect volatile situations to occur during his tenure as president of the NBP, reported PAP. R...