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Poland growth accelerates in Q3


WARSAW: Poland’s economic growth accelerated at the start of the third quarter, underpinned by strong expansions in both industrial production and retail sales in July, Liam Carson, an economist at Capital Economics, said. The annual retail sales growth accelerated to 6.8 percent in July from 5.8 percent in June. Similarly, industrial production growth picked up to 6.2 percent from 4.5 ... Read More »

Poland’s economy to grow faster than predicted

Stocks up

WARSAW: Poland’s finance minister expects economic growth to exceed the predicted 3.6 percent and “low” budget deficit after the statistical office released growth data for the second quarter. According to the Central Statistical Office’s data published on Wednesday, the economy in the second quarter of 2017 grew by 3.9 percent year on year. “The results on GDP growth after the ... Read More »

Polish bitcoin co sets up shop in India


MUMBAI: Poland-based BitBay, a platform for trade and exchange of cryptocurrency, has set up shop in India to expand its trading business and for sourcing IT talent to develop products for the world. “Our focus is to grow with regulation. The Indian market is the fourth largest for cryptocurrencies. On one side we want to work closer with banks so ... Read More »

Inflation in Poland at 1.7%

Finland inflation highest since Sep-2014

WARSAW: Inflation in Poland stood at 1.7 percent year-on-year in July, the country’s Central Statistical Office (GUS) said on Friday, confirming an earlier flash estimate. Inflation in Poland stood at 1.5 percent year-on-year in June and at 1.9 percent in May. Krzysztof Wołowicz, chief economist at finance broker BPS TFI, said that inflation is primarily being driven down by fuel ... Read More »

Poland’s AAR wants to boost agricultural exports

high growth rates

WARSAW: Poland’s Agricultural Market Agency (ARR) wants Polish food producers to promote and sell their products outside the European Union. It is believed that far-off partners can offer better trade margins. As Michał Owczarek reports, most Polish food exports go to other EU member states, more distant markets being only a supplement for the majority of local food producers. “There ... Read More »

Unemployment in Poland at record low of 7.1%


WARSAW: Unemployment in Poland stayed at a record low of 7.1 percent in July, the same level as in June, the country’s Family, Labour and Social Policy Ministry estimated on Friday. Joblessness stood at 7.4 percent in May, according to the country’s Central Statistical Office. In June 2016, unemployment was at 8.7 percent, while two years ago it was in ... Read More »

Poland plans to narrow VAT gap to 10.4% in 2020

Value Added Tax - VAT

WARSAW: Poland expects that thanks to the measures taken by its recently reformed tax administration KAS to narrow the VAT gap to 10.4 percent in 2020 according to the finance ministry. “According to the plans, our country should narrow the VAT gap by 2020 to the average level of the EU countries, that is to 10.4 percent,” the ministry said, ... Read More »

Fewer bankruptcies in Poland in 2016-17


WARSAW: From July 2016 to the end of June 2017, 563 firms were declared bankrupt. “The number of companies collapsing in Poland is decreasing,” said the National Debt Register’s Adam Łącki. “Over the past few years, at least 700 have gone bankrupt every year, sometimes over 800 firms,” he told the PAP news agency. “The current statistics indicate that this ... Read More »

CGN official confirms Poland’s export potential


WARSAW: With a Memorandum of Understanding signed, officials at the China General Nuclear Power Corp. confirmed that the company is targeting Poland as a potential market for nuclear power exports. CGN“CGN attaches substantial significance to the Polish nuclear power market and is willing to become a long-term strategic partner of the country,” the China Daily quoted CGN vice-president Shu Guogang ... Read More »

Bankruptcies in Poland rise


WARSAW: Company bankruptcies have risen 15 percent in Poland in the first six months compared to the same period last year, according to a report. Credit insurance company Euler Hermes said that 418 companies folded in the first two quarters, up from 362 during the same period in 2016. In June, 71 companies were declared insolvent, up from 60 in ... Read More »

Inflation in Poland at 1.5%

Inflation eases

WARSAW: Inflation in Poland stood at 1.5 percent year-on-year in June, the country’s Central Statistical Office (GUS) said, confirming a flash estimate issued last month. Year-on-year inflation in May stood at 1.9 percent. Economists approached by the PAP news agency last month had expected the prices of goods and services to increase 1.7 percent year-on-year in June and to remain ... Read More »

Polish finance minister: yes to strategic alliance with US, if financially justified

Poland USA

WARSAW: Polish Finance Minister Mateusz Morawiecki said that Poland wants to strengthen its strategic alliance with the US on military security and build a strategic alliance on energy security, but that this has to be justified financially. Commenting on plans to strengthen a strategic alliance with the US, Morawiecki, who is also Deputy Prime Minister, said that “everything has to ... Read More »

Poland to become EU hub for US gas


WARSAW: Poland has unveiled a plan that would make it the European hub for imports of natural gas from the US. The plan was unveiled by Polish President Andrzej Duda during a visit to Warsaw by US President Donald Trump. “Can we become a hub through which American LNG gas will flow to central Europe? I am convinced the answer ... Read More »

Polish, Croatian firms sign first Three Seas deals


WARSAW: Polish and Croatian logistics and transport companies have signed the first deals under the Three Seas Initiative, which aims to boost ties between 12 Central European, Baltic and Western Balkan states. Croatian President Kolinda Grabar-Kitarović and Polish President Andrzej Duda were at the signing. Deals were also signed by the maritime ministries of the two countries. The Three Seas ... Read More »

Poland likely to see key US investment in coming years: AmCham chairman


WARSAW: Poland is likely to see significant US investment in the coming years, Tony Housh, Chairman of the American Chamber of Commerce in Poland, has said in an interview with the PAP news agency cited by the niezalezna.pl website. At present, the value of US companies’ investment in Poland is about USD 41-42 billion. This directly translates into more than ... Read More »

Poland’s PMI rises in June

Philippines Jan. exports rise at fastest pace in 3 years

WARSAW: Poland’s Purchasing Managers’ Index (PMI) climbed to 53.1 points in June from 52.7 points in May, according to Markit, a provider of financial information services. A neutral PMI rating of 50 means that businesspeople in the country feel that the economy will not change over the coming month. A higher rating means that it is expected to improve, while ... Read More »

Poland supports the development of river corridor through Ukraine

Ukraine Poland

WARSAW: Polish government supports the development of the international waterway E-40, which passes through Ukraine and Belarus, and plans to hold workshops to discuss the next steps of the project implementation. The issue of shipping resumption on the international waterway E-40 is one of the priorities of the National Transport Strategy of Ukraine until 2030, reports UkrAgroConsult. The possibility of ... Read More »

Polish food exports set record: president

set record

WARSAW: Polish food exports last year hit a record EUR 25 billion, President Andrzej Duda said on Tuesday. He added that exports of food have risen sixfold since 2004, the year Poland joined the European Union. “The role that agriculture plays in our country cannot be overestimated,” Duda said at the AgroLiga 2016 awards ceremony in Warsaw. The AgroLiga competition ... Read More »

Poland consul asks industries to explore new European markets


WARSAW/LAHORE: Industrialists of Pakistan can discover new European markets in coming years in an effort to strengthen the country’s export revenues, led by textile and supported by other key sectors having competitive edge, suggests Ahmad Hasnain, Honorary Consul of Poland in Punjab. “Exploring new markets in the European Union, which can give significant support to Pakistan’s declining exports, is the ... Read More »

Poland rejects Raiffeisen’s request, insists on unit’s IPO in H1


WARSAW: The Polish financial regulator KNF rejected on Tuesday Raiffeisen Bank International’s request to delay the planned initial public offering (IPO) of its Polish unit and reiterated the IPO has to be conducted by the end of June. Raiffeisen has promised the Polish regulator KNF it will list 15 percent of shares in Raiffeisen Bank Polska, also known as Raiffeisen ... Read More »