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The Warsaw Voice » Business » October 22, 2008
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Business in brief
October 22, 2008   
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Exports and Imports on the Rise
In the first eight months of this year, Poland's exports were 16.2 percent higher in euro terms than in the same period last year, according to Poland's Central Statistical Office (GUS). Exports to Russia, Ukraine, France and Sweden grew the fastest, the GUS said. Exports to other European Union countries accounted for 77.4 percent of Poland's overall exports, according to the office.

Imports increased by 18.9 percent, making the country's trade deficit widen to 15.2 billion euros, from 11.3 billion euros in the first eight months of last year.

Crisis to Cost Jobs: Eurochambres
The latest financial crisis around the world could cost 2 percent of global GDP and at least 1 million jobs, according to a survey by Eurochambres, an organization that brings together European chambers of commerce. The world's gross domestic product will nevertheless grow by at least 5 percent next year, according to Eurochambres; the global unemployment rate is expected to reach 6 percent, and the price of an oil barrel is forecast to stabilize at around $100.

Rezidor Launches New Hotel Brand
Rezidor, an international hotel chain that owns brands such as Radisson SAS, is launching a new brand, Park Inn, in Poland. The first Park Inn budget hotel will open in Cracow in a project that will cost almost zl.100 million and is scheduled to be completed in the first quarter of next year. Rezidor is looking for locations for more Park Inn hotels in other large Polish cities.

Funds for Farms
The finance ministry has authorized the Polish Agency for the Restructuring and Modernization of Agriculture to distribute European Union funds to the country's farmers and agricultural producers. These will include almost 2 billion euros for the modernization of farms and over 1 billion euros for investment by companies operating in the agriculture and forestry sectors.

Wind Farm in the Pipeline
Austrian-owned company Polska Siła Wiatru is building a 100-million-euro wind farm in Różyn in the northeastern province of Warmia and Mazuria. The farm will comprise 30 wind turbines, each with a capacity of 60 megawatts.

Russian Economy Slowing Down
The Russian government has revised downward its GDP growth projection for this year, citing the global financial crisis. Aleksei Kudrin, the Russian finance minister, expects the country's economy to grow 7-7.5 percent this year. The previous projection was 8 percent.

Richer Man, Poorer Man
Following the latest financial meltdown in the United States, Warren Buffet has moved to the top of the Forbes magazine's list of the 400 wealthiest people in that country. Buffet's net worth grew by $8 billion to $58 billion. He moved ahead of Bill Gates, whose net worth decreased from $57 billion to $55.5 billion. Seventeen billionaires have each lost more than $1 billion over the past month.

Car Production Up
Poland produced 701,400 passenger cars and delivery vans in the first eight months of the year, a 31-percent increase over the same period last year, according to the Samar Institute which monitors the automotive market. Of these, 97.4 percent were exported. Fiat is still in front, accounting for 45.6 percent of local production.
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