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The Warsaw Voice » Business » June 11, 2008
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Business in brief
June 11, 2008   
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NBP Exchange Rates June 9, 2008

1 EUR = zl. 3.923
1 USD = zl. 2.1447
1 CHF = zl. 2.1047
1 GBP = zl. 4.2388
100 JPY = zl. 2.0319

Budget Deficit Lower Than Planned

Government revenue totaled zl.236.4 billion last year and was zl.7.4 billion higher than planned in the budget law, according to the latest official data. Receipts grew mainly thanks to more money from taxes and European Union funds.

The government's expenditures amounted to zl.252.3 billion, zl.6.6 billion less than planned. The budget deficit was zl.15.9 billion, zl.14 billion below the limit set in the budget law.

SEZs Draw Billions

Poland's Special Economic Zones (SEZ) attracted more than zl.10 billion in new investment projects last year, according to a government report.

Companies spent 30 percent more on investment in SEZs than in 2006, and the number of jobs created increased by 25 percent to 36,000. More than 200 new permits for business operations were issued last year. The total area of SEZs nationwide increased by 2,800 hectares to a total of 11,000 hectares.

Eurostat: Jobless Rate Steady at 7.8%

Unemployment in Poland continued at 7.8 percent in April, with no change from March, according to the European Union's statistical agency, Eurostat.

Meanwhile, Poland's Central Statistical Office (GUS), which measures unemployment with a different method, has come up with different figures, 10.5 percent for April and 11.1 percent for March.

According to Eurostat, the average unemployment rate in the EU in April was 6.7 percent, with 7.1 percent for the 15 nations using the single currency, the euro.

Polish GDP Grows 6.4% in Q1: Report

According to Eurostat, Poland's gross domestic product grew 6.4 percent in the first quarter of this year in year-on-year terms.

Average economic growth in the European Union was 2.2 percent, the agency said, with the euro zone reporting 2.5 percent. The fastest growing economies in the EU in the first quarter included Slovakia (8.7 percent), Romania (8.2 percent), and Lithuania (6.7 percent).

JVC to Move Plant to Poland

Japanese consumer electronics manufacturer JVC has decided to move to Poland production from its College Milton plant in Scotland, where it employs a staff of 300, according to the Scottish tabloid Evening Times.

New LCD Factory in Gorzów

Taiwanese corporation TPV, one of the world's largest producers of LCD displays and televisions, has launched a factory in Gorzów Wielkopolski in western Poland. The plant employs 700, and the company plans to increase employment to 1,800 by the end of the year. The factory's target output is 4-5 million televisions a year. The plant cost more than 40 million euros to build.

Bank Profits Grow

Poland's banking sector reported a net profit of zl.4.07 billion in the first quarter of this year, according to the Central Statistical Office (GUS). In comparison with the same period last year, the banking sector's net profit went up by 10.1 percent.

The banking sector's revenue increased by 56 percent to zl.42.49 billion, GUS said.

Ukraine to Unpeg Hryvna from Dollar?

Ukraine's central bank may soon decide to unpeg the country's national currency, the hryvna, from the dollar, and allow the market to determine the value of the Ukrainian currency, the governor of the country's central bank, Volodymyr Stelmakh, said at a recent press conference in Kiev.

In recent years the hryvna has become a stable currency, Stelmakh said, and the government no longer needs to intervene in currency markets to keep the value of the Ukrainian money within a set corridor.

Over the past decade the Ukrainian central bank has held the hryvna within a limited range pegged to the dollar. But the latest devaluation of the dollar and inflation within Ukraine have placed increasing pressure on the central bank to increase the value of the hryvna.
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