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The Warsaw Voice » Business » December 2, 2009
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Business in brief
December 2, 2009   
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IMF Extends Credit Line
The International Monetary Fund (IMF) has extended by another six months the $21.8-billion flexible line of credit awarded to Poland for use in contingencies. Poland, Mexico and Columbia can use such loans under a new program reserved for countries whose economies are well-managed in the IMF's view. None of the three has used the money so far.

Inflation down in Poland
Year-on-year inflation dropped to 3.1 percent in October, the Central Statistical Office (GUS) has announced. In September, the inflation rate was 3.4 percent. The figures for October were slightly better than what most analysts had forecast.

... and in the EUrozone
Prices of consumer goods in the eurozone declined for the fifth consecutive month in October and were 0.1 percent lower than in October 2008, Eurostat has announced. The decline was mainly caused by lower fuel prices. In the entire EU, prices in October rose by 0.5 percent.

Government Debt Increases
The government debt at the end of September rose to zl.630.5 billion, which was zl.10.4 billion more than at the end of August. September was the 18th consecutive month with growing government debt, due to a large number of bond issues as well as depreciation of the Polish currency, which increased the value of external indebtedness.

Improved Performance of OECD Countries
The combined GDP of the 30 countries of the Organization for Economic Co-operation and Development (OECD) improved by 0.8 percent in the third quarter of this year compared with the same period in 2008. It was the first increase after five months of declines or stagnation, the OECD announced in Paris.

More Exports to Germany
Exports to Germany, already Poland's largest trading partner, continue to grow. In the third quarter, they were worth over 18.4 billion euros and accounted for 26.3 percent of Poland's entire exports. The figure was 1.2 percentage points higher than in the same period of last year. The surplus of exports over imports totaled 1.2 billion euros.

... and Fewer to Russia
Trade between Russia and Poland declined by half to $11.2 billion in the first three quarters, the Russian statistical office Rosstat has announced. After the Netherlands, Germany, Italy and France, Poland is Russia's fifth-largest partner in the EU, accounting for 3.5 percent its external trade. An unprecedented decline occurred in Russia-Romania trade, which dropped by 68 percent in the nine-month period, Rosstat said.

Ukraine in Crisis
Production in Ukraine declined by 26.4 percent in October compared with October 2008, Ukraine's statistical office reports. The machine and textile industries were the most affected.

More Oil From Russia
Russia, the largest oil producer in the world, exported 1.2 percent more oil in the first three quarters of 2009 than in the same period last year, with exports totaling 184.3 million metric tons. According to Rosstat, oil extraction grew by 0.6 percent during the period and reached 367.2 million tons.
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