GUS data shows, once again, that strong złoty is not hurting exports

"Exports still remains the main plank of the economy. Fears of an overpriced złoty so far seem to be unjustified," said Piotr Bielski, economist with BZ WBK. Over the same period imports increased by 12.2% in relation to the respective period of 2004. "Domestic demand is accelerating. The growth of imports is not that strong to negatively affect GDP growth," said Bielski. After 11 months the foreign trade deficit stood at EUR 8.4 billion. "GUS data suggest that the trade deficit could have been slightly higher than previously anticipated," said Piotr Kalisz, economist with Bank Handlowy. As in previous years, the highest share of foreign sales was accounted for by Germany, while the highest growth in the value of trade was observed in trade with Russia. (Parkiet, p. 8) M.M.