Economy and Politics
Exports have increased by 6% in June
According to the Polish GUS – Central Statistical Office - year by year Polish exports increased by 6.2% percent to 61.6 billion EUR in the first five months of 2013. During this period, the imports went up by 1.9% to 62.2 billion EUR. That way, the trade deficit has decreased within one year by 4.9% to 0.6 billion EUR. Poland supplied to Germany, its main trading partner, goods in the value of 15.5 billion EUR (4% growth).
Production in the industrial sector has increased by 3% in June
Poland’s industrial production has reached a peak value with 3% growth year-on-year. In comparison to the previous month the increase was 2.8%, because May had two long extended weekends. Excluding seasonal factors, the industrial output in June jumped on a yearly comparison even by 4.5%. Out of 34 economic indicators considered 25 showed up with an accretion.
Government resolves grant regulations for the companies with sustained revenue declines
The Polish government has recently (end of May) passed a resolution prosaically named: “An act on separate measures in order to mitigate the impact of the economic crisis for both employees and business owners aimed at the workplace protection”. The draft law is in fact a remake of the anti-crisis law, which expired in 2011. (more)
Poland to extend SEZs' lifetime
Deputy PM and Economy Minister Janusz Piechocioski said that the government has decided to extend the lifespan of special economic zones (SEZs) until 2025. Polish SEZs were originally scheduled to function until 2020. Mr Piechocioski said that ministries are now working on adopting changes to regulations on the activities of investors in the zones.
Unemployment at 13.2% in June
The registered unemployment rate in Poland dropped 13.2 percent in June, according to an estimate from the Ministry of Labor and Social Policy. In May, the jobless rate was 13.5 percent, according to statistics office GUS. Unemployment has been falling for seasonal reasons since it hit a recent peak in February of 14.4 percent. However, due to the long winter in Poland, it remained high through April. The May figure represented a drop of 0.5 percentage points. There is a slight rebound on the labor market, Labor Minister Władysław Kosiniak-Kamysz said upon announcing the June estimate. (more)
National Bank of Poland (NBP): definitively the last interest rate in the current cycle
The Interest Rate Setting Council of the National Bank of Poland (NBP) has cut the prime rate by a further 25 basis points at the beginning of July. The reference prime rate herewith stays on the historical all-time low of 2,5%. While in the past the vague declarations of the Interest Rate Setting Council left a huge wiggle room, nowadays it was surprisingly clear without even any ambiguity mentioned, that this is definitely the last interest rate cut. As to the opinion of the president of the National Bank of Poland, Mr. Marek Belka, the Polish national economy has the worst already behind. (more)
EU-report: EURO-introduction in Poland on the verge of being delayed
Following a newspaper report, the introduction of the EURO in Poland could be delayed by years. As per today there is no 2/3 majority in the Polish parliament for a required change of the Polish constitution (which defines the Polish currency Zloty as the only admissible Polish floating currency). This uttered the social-conservative Prime Minister Mr. Donald Tusk in a report for the flag-ship Polish newspaper "Gazeta Wyborcza". (more)