Poland to publish motorway tenders before year-end

Poland’s Minister of Infrastructure Cezary Grabarczyk has announced that key motorway tenders would be published before the end of this year. ‘The motorways will be under construction in 2010’ he assured.

The Minister signed an agreement concerning financing of the western section of the A2 Warsaw-Berlin motorway. Over EUR 1.5 billion needed for the investment is to be secured by the European Investment Bank (EUR 974 million), 11 international commercial banks (EUR 394 million) and the license holder (EUR 186 million), TV Biznes reports.

Grabarczyk underlined that apart from the road investments the Ministry of Infrastructure has been also developing a Polish TGV train project which is supposed to jlink four cities: Warsaw, Łódź, Wrocław and Poznań. ‘The project is advancing and I believe the construction may start in 2014’ he said.

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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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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