Polish-Korean Economic Forum

July 7-8

Warsaw, Palace of Culture and Science

National Chamber of Commerce, Korean Chamber of Commerce and the Polish-Korean Chamber of Commerce inform that on 7 - 8 July 2009 His Excellency Mr. Lee Myung-bak, President of the Republic of Koreayear, will be on an official visit in Poland. A Polish-Korean Economic Forum will take place on 7 July at 14.30 - 17.00 with the participation of nearly 40 companies of Korean business delegation, accompanying the Lord President of the Republic of Korea Lee Myung-Bak.

www.kig.pl

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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PODCAST

• Poland and China: two partners unscathed by the crisis

• Polish artist turns around Polish-Jewish stereotypes

• Unconventional natural gas – Poland’s secret weapon

• Shock and outrage at Warsaw underground ‘saucy sheep’ mural

• Gdansk reinvents Elizabethan theatre tradition

• Poland kicks off Chopin Year

COMING UP

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WEEKLY MARKET ANALYSIS

The last portion of macroeconomic data for January will be released on Friday when the National Bank of Poland (NBP) is expected to publish balance of payments figures. We estimate that the current account deficit reached EUR580 million while the consensus of the “Parkiet” daily is EUR614 million. We expect that growth in exports slowed slightly in January to 10.9% y/y. We also predict that imports had already made up for last year’s losses and rose by 7.7% y/y in January.

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