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The Warsaw Voice » Business » June 3, 2009
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Business in brief
June 3, 2009   
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NBP Exchange Rates (June 1, 2009)
1 EUR = zl. 4.447
1 USD = zl. 3.1248
1 CHF = zl. 2.9398
1 GBP = zl. 5.1174
100 JPY = zl. 3.3066


Inflation on the Rise
The prices of consumer goods and services in Poland rose by 0.7 percent for the second month in a row, and the year-on-year inflation rate reached 4 percent in April, according to the country's Central Statistical Office (GUS).

The core inflation index, excluding food and energy prices, stood at 2.6 percent in April, which was slightly more than economists had expected. The index rose due to a weakening of the Polish currency, which led to higher prices of electronic equipment and tourist trips.


Poland Resistant to Crisis: World Bank Chief
The latest downturn in global trade may have a particularly strong impact on Central Europe, yet Poland is expected to be a notable exception in the region, according to World Bank chief Robert Zoellick.

Generally, Poland has been doing better than other countries in the region recently, Zoellick said. He added that even though economic trends around the world continue to deteriorate, the process has slowed down a little.


Aid for Eastern Regions
A total of zl.800 million will be spent this year to spur the development of five poor regions in eastern Poland, said the regional development ministry.

The funds will be spent on priorities such as research facilities at universities, exhibition and convention centers, roads and broadband internet access.


New Pumping Station for Gaz-System
The PBG company will build a pumping station for natural gas in Goleniów near Szczecin in northwestern Poland.

The project, commissioned by the Gaz-System company, which is in charge of the main gas pipelines in Poland, is worth around zl.67 million and is scheduled for completion at the end of next year. The station will enable Gaz-System to supply more gas to northwestern Poland.


Coal Company in the Black
Polish company Kompania Węglowa, which is Europe's largest coal extraction corporation, reported a net profit of zl.5.4 million in April. In the first four months of this year, the company's net profit reached zl.15.6 million.

However, experts point out that in the summer months the company's figures may deteriorate due to reduced demand for coal.


Russia in Crisis
Russia's GDP shrank by 9.5 percent in the first quarter of this year in year-on-year terms, marking the sharpest decline in 15 years, according to the country's Federal Statistical Office. Compared with the fourth quarter of last year, the country's GDP contracted by 23 percent.

The country's deteriorating economic performance is mainly due to a slump in industrial production, coupled with plummeting oil prices and a failed governmental plan to stimulate lending.


Ukraine in Trouble
The economy of Ukraine may have shrunk by up to 23 percent in the first quarter of this year, the country's president Viktor Yushchenko said May 25. He called for a revision in this year's budget, under which the country's GDP is expected to grow by 0.4 percent.

International organizations and economists are saying that Ukraine's GDP may contract by a disturbing 10 percent this year.
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