Jazz in Bielsko Biala

The Lotos Jazz Festival – the 12th edition of Bielska Zadymka Jazzowa, one of the most popular jazz festivals in Poland, kicks off today. The highlight of the event will be a performance by legendary American pianist McCoy Tyner, former member of John Coltrane's Quartet, accompanied by saxophone player Gary Bartz (Feb.4).

German group Jazzanova named one of the best nu-jazz formations will perform on Feb 5. Dee Dee Bridgewater will close the evening on Feb. 6 with pieces from her newest album ‘To Billie With Love: A Celebration of Lady Day’, a homage to Billie Holiday. The festival is organised by Sztuka Teatr Association and Bielsko-Biała Commune. Lotos, Poland’s fuel giant, is the main sponsor of the event. MP/SJ/RK

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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