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The Warsaw Voice » Business » May 20, 2009
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Business in brief
May 20, 2009   
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2008 GDP Revised Upward
Poland's gross domestic product grew 4.9 percent last year, said the Central Statistical Office (GUS) after revising upward its previous figure by 0.1 percent. In absolute terms, Poland's 2008 GDP totaled zl.1.3 trillion, GUS said.

Global Economy at Turning Point: ECB Chief
The global economy has reached a turning point; the GDP decline is slowing down and some countries are even reporting slight growth, said European Central Bank (ECB) chief Jean-Claude Trichet at a news conference in Basel, Switzerland, where he chaired a meeting of central bankers from G-10 countries. "We are, as far as growth is concerned, around the inflection point in the cycle," Trichet said, adding that there has been a substantial improvement in the markets since mid-September.

Eurozone Entry in 2013: Fitch
The European Union will not soften eurozone entry criteria for Eastern European countries seeking to switch to the single currency, according to the Fitch rating agency. Fitch analysts say the latest trouble in several eurozone countries is another reason why Central and Eastern European countries will not be admitted to the eurozone anytime soon. Fitch predicts that Poland will adopt the euro in 2013, together with Estonia and Lithuania.

ABG to Supply Software to NATO
Warsaw-based IT company ABG, a member of the Asseco group, will supply maritime software systems to the NATO Allied Command Transformation in Norfolk in the United States. This is the company's first contract with this NATO institution. In all, ABG has landed more than 30 contracts to supply hardware and software to NATO to date.

Warsaw-Belgrade Flights After a 15-year hiatus, LOT Polish Airlines May 8 resumed regular flights from Warsaw to Belgrade, Serbia. LOT will be flying to Belgrade four times a week until mid-June and then five times a week beginning June 16.

Fewer Jobs for Poles in Ireland
Immigrants from Poland and other new EU member states are finding it increasingly difficult to get a job in Ireland. In April, more than 43,000 immigrants from the new member states, most of them from Poland, were registered as unemployed, according to the Irish labor ministry.

Crisis Hits Czech Republic
Manufacturing output in the Czech Republic decreased by 22.2 percent in February, in what was the sharpest monthly drop recorded in the country. February retail sales dropped by 7.9 percent.

50 Years of Hard Times in Russia?
Russia will take years to overcome its current economic crisis, the country's deputy prime minister and finance minister Aleksei Kudrin said in mid-April. After a period of extremely favorable external conditions in 2000-2008, Russia should now brace for a trying 10 or 20-if not 50-years, Kudrin warned.

German Labor Market Still Closed
The government of Germany has officially notified the European Commission about its decision to extend employment limitations for citizens of new EU member states by another two years, until 2011. According to the authorities in Berlin, the move stems from serious problems on the German labor market.

NBP Exchange Rates (May 18, 2009)

1 EUR = zl. 4.4773
1 USD = zl. 3.3281
1 CHF = zl. 2.9576
1 GBP = zl. 5.0717
100 JPY = zl. 3.4735
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