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The Warsaw Voice » Business » October 14, 2009
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Business in brief
October 14, 2009   
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NBP Exchange Rates (October 12, 2009)
1 EUR = zl. 4.2602
1 USD = zl. 2.8937
1 CHF = zl. 2.8030
1 GBP = zl. 4.5683
100 JPY = zl. 3.2077

Moody's Upgrades Forecast
The Moody's rating agency has upgraded its economic forecast for Poland, predicting that GDP will grow by 0.5 percent this year and 1.5 percent next year.

In a previous forecast from July, Moody's anticipated a recession and a 1.4-percent GDP drop in Poland, while in 2010 the country's GDP was expected to grow by 0.8 percent.

In its latest report, Moody's predicts that year-on-year inflation in Poland will reach 3.2 percent at the end of December and 2.2 percent at the end of 2010. According to Moody's, the country's public deficit will account for 6.2 percent of the GDP this year and 7.5 percent next year.

Billions From EU
Poland received a net sum of 4.4 billion euros from the European Union budget last year, according to a report by the European Commission. Although the figure was 700 million euros lower than in 2007, it still made Poland the second largest beneficiary of EU funds after Greece, which received 6.2 billion euros.

Consumers Confident
The overall consumer confidence index in Polish industry is positive, with a prevalence of optimists over pessimists, according to a survey by the government's Central Statistical Office (GUS). Forecasts for orders and production are also encouraging, the office said.

Eurozone Unemployment Up
Almost 15.2 million people were out of work in eurozone member countries in August, according to Eurostat, the EU's statistics office. In the EU as a whole, the number of jobless approached 21.9 million.

The unemployment rate in the eurozone grew to 9.6 percent in August from 9.5 percent in July, marking the highest rate since March 1999. The highest unemployment rate in August was reported in Spain, at 18.9 percent. In Latvia, the figure was 18.3 percent. The unemployment rate in Poland is 8 percent according to Eurostat and 10.8 percent according to the government's Central Statistical Office (GUS).

Nuclear Power Plant for Kaliningrad
Russian Prime Minister Vladimir Putin has signed a directive to build a nuclear power plant in the country's Kaliningrad enclave, bordering Poland. The power plant will be built by the Neman River near the Lithuanian border. It will have two units each with a capacity of 1,150 MW. Russia plans to export two-thirds of the electricity produced at the power plant to Poland, Germany and Lithuania. The Russians have approached Poland with a proposal to build a power line between Kaliningrad and Elbl±g in northern Poland.

Clean Coal Center Under Construction
A Center for Clean Coal Technology is under construction in Poland's southern Silesia province. The zl.162-million project will be handled by the Central Mining Institute in Katowice and the Institute for the Chemical Processing of Coal in Zabrze.

The project, which marks the largest research infrastructure investment in the Silesia region, will be financed using around zl.137 million (38 million euros) in EU funds.

Tractors From China
Polish farming machinery producer Pol-Mot Warfama has signed a cooperation agreement with Chinese tractor maker Foton Lovol International Heavy Industry under which the Chinese company aims to open a logistics and distribution center in Poland to sell its tractors across Europe.
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