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The Warsaw Voice » Business » August 29, 2014
Business & Economy
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In Brief
August 29, 2014   
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Slower GDP Growth?
The Economy Ministry expects Poland’s GDP growth to slow in the second quarter of this year to 3.1 percent, from 3.4 percent in the first quarter. At the same time, the ministry upheld its full-year GDP growth forecast of 3.3 percent. The ministry’s experts revised downward their forecast for the unemployment rate at the end of the year to 12.3 percent from 13.5 percent projected earlier. According to this forecast, inflation will run at 0.3 percent this year, while the previous projection was 1.2 percent.

Pilot Shale Gas Project
Poland’s first commercial-scale shale gas well could be drilled this year, with the government hoping the project will prove that the country is capable of profitable production. There must be at least 20,000 cubic meters flowing a day to guarantee Poland profitable shale gas production, experts say.

“Such a well would show there are indeed realistic possibilities of extracting [shale] gas in Poland. But extraction on an industrial scale with a clear impact on the economy will not begin either this year or next,” Poland’s Environment Minister Maciej Grabowski told the Reuters news agency.

Poles Eye China
Poland has a chance to increase its food produce exports to China, according to Sławomir Majman, head of the Polish Information and Foreign Investment Agency (PAIiIZ). China, on the other hand, is interested in investing in Poland’s energy, engineering and electronics sectors, Majman said.

According to the Economy Ministry, Poland exported $2.1 billion worth of goods to China last year, while imports of Chinese goods to Poland exceeded $19 billion.

Banks Doing Nicely
Poland’s banks earned zl.8.74 billion net in the first half of 2014, marking their best first half in five years—or since the country’s Financial Supervision Commission (KNF) began publishing its regular monthly reports on the financial performance of the banking sector.
Analysts say interest on loans is the key driver of growth in the Polish banking sector. At the end of June, earnings from this source were 14.7 percent higher than in the middle of last year. The increase is mainly due to the higher value of loans granted.
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