Poland's 2009 GDP Grows 1.7 pct y/y
Poland's GDP grew an estimated 1.7% year-on-year in 2009, slightly
above expectations for 1.6%, while investments fell 0.3% with domestic
demand down by 0.9%, the stats office GUS reported yesterday citing
preliminary estimates.
The data are a bit better than expected and suggest that the economy
grew about 3.2% year on year [in Q4]. This isn't especially
controversial given the data on production, sales and construction that
we've had. BNP Paribas analyst Michal Dybuła told PAP news agency.
The story we hear every day confirms that Poland has come through this past two years not entirely unscathed but nevertheless in amazing shape. Economically, Poland has really surpassed all expectations, for when the Global Crisis started, no one had even thought of the way in which the world would change.
The majority of EU members and the rest of the Western World never saw their economy grow during the past 12 months and it is really a credit to Poland and it's Government that the results we see now are confirmed to be BETTER than had been anticipated.
NOW is the time for British exporters to take advantage and begin to view Poland as an exciting place to export to. Where the value of the British product is considered to be high whilst the real costs are LOW due to the value of the POUND on the world money market.
I plead with British manufacturers and those supplying goods and services - LOOK AT POLAND - this is a country that wants to buy from you - you are just turning a blind eye and losing this wonderful opportunity.
Blog by Michael Clay
Poland's 2009 GDP Grows 1.7 pct y/y
Michael Clay - Sunday, January 31, 2010
Polish Businessmen Take Their Businesses Out of Poland
Michael Clay - Tuesday, December 15, 2009
Polish Businessmen Take Their Businesses Out of Poland
The number of Polish companies deciding to register companies outside Poland grew 20% y/y to over 4k annually, the daily Puls Biznesu writes citing Polish trust companies association SPP's data.
Poles register their business abroad to save on taxes or take advantage of better conditions for business, trust company Opustrust CEO Agnieszka Rzepecka told the daily.
Perhaps Polish companies realise the potential of exporting and trading overseas more than their British counterparts do at the moment. The ease with which Polish companies can set up in the UK is just one example of why Polish exports are on the increase and British exports to Poland are reducing year on year.
Why is it that the British Exporter FAILS to see the opportunity that is staring themin the face by exporting to Poland? With sterling at such a low value the opportunity is sitting there for the UK companies to grab with both hands - yet they fail to do so. WHY?
Perhaps the new ' Business Incubator' service which Export Poland has just started will help to resolve this. With the Business Incubator, British and overseas companies can be trading in Poland within 48 hours of setting up with a Company, Bank account and all relevant tax registrations. They will look after every aspect of the incubation and create the business opportunity for the company as well.
Contact Michael Clay for more details:-
The number of Polish companies deciding to register companies outside Poland grew 20% y/y to over 4k annually, the daily Puls Biznesu writes citing Polish trust companies association SPP's data.
Poles register their business abroad to save on taxes or take advantage of better conditions for business, trust company Opustrust CEO Agnieszka Rzepecka told the daily.
Perhaps Polish companies realise the potential of exporting and trading overseas more than their British counterparts do at the moment. The ease with which Polish companies can set up in the UK is just one example of why Polish exports are on the increase and British exports to Poland are reducing year on year.
Why is it that the British Exporter FAILS to see the opportunity that is staring themin the face by exporting to Poland? With sterling at such a low value the opportunity is sitting there for the UK companies to grab with both hands - yet they fail to do so. WHY?
Perhaps the new ' Business Incubator' service which Export Poland has just started will help to resolve this. With the Business Incubator, British and overseas companies can be trading in Poland within 48 hours of setting up with a Company, Bank account and all relevant tax registrations. They will look after every aspect of the incubation and create the business opportunity for the company as well.
Contact Michael Clay for more details:-
Poland CEE Region's Leader in Attracting FDI: Ernst &Young
Michael Clay - Monday, November 23, 2009
Poland CEE Region's Leader in Attracting FDI: Ernst &Young
Poland has become the CEE region's leader in attracting foreign investments, having taken over Russia and Romania, consultancy Ernst & Young's report on European attractiveness for investors in 2009 showed, Puls Biznesu writes.
The accumulated FDI in Poland amounted to USD 161.4 bln by end-2008, a value higher than the one in the Czech Republic or Denmark, UN Conference on Trade and Development (UNCTAD) World Investment Report 2008 revealed.
This is just one more example of how Poland has become one of the SuperPowers in the European market and a recent report by HSBC clearly shows how well Poland has coped with this recession.
As more and more evidence accumulates of the success of Poland and her economy, with rising GDP throughout the last 12 months, the more the rest of europe begins to find great respect for the Polish attitude to the crisis.
Poland has become the CEE region's leader in attracting foreign investments, having taken over Russia and Romania, consultancy Ernst & Young's report on European attractiveness for investors in 2009 showed, Puls Biznesu writes.
The accumulated FDI in Poland amounted to USD 161.4 bln by end-2008, a value higher than the one in the Czech Republic or Denmark, UN Conference on Trade and Development (UNCTAD) World Investment Report 2008 revealed.
This is just one more example of how Poland has become one of the SuperPowers in the European market and a recent report by HSBC clearly shows how well Poland has coped with this recession.
As more and more evidence accumulates of the success of Poland and her economy, with rising GDP throughout the last 12 months, the more the rest of europe begins to find great respect for the Polish attitude to the crisis.
No Chance for Poland to Adopt Euro Before 2015 - GD ECFIN Official
Michael Clay - Sunday, November 15, 2009
No Chance for Poland to Adopt Euro Before 2015 - GD ECFIN Official
Poland will likely be able to adopt the euro only beyond 2015, a high official from the Directorate-General for Economic and Financial Affairs told PAP.
"Poland practically has no chances of entering the euro zone ahead of 2015," the official said. "It is a rather common opinion among economists and EU decision-makers.
Based on the EU autumn forecast, Poland will have problems with meeting the fiscal criterion in the next 2-3 years, the official stressed.
"The EC recommendation indicates that your country should decrease the general government deficit to 3% of GDP in 2012 - it is to some point possible but in our opinion it will be difficult and the opinion that Poland might want the EC to change its recommendation to at least 2013 is common," the official added.
The European Commission expects this deficit to stand at 6.4% in 2009, at 7.5% in 2010 and at 7.6% in 2011, in the absence of government actions regarding the fiscal policy.
First we are advised that 2012 will be the date for adopting the Euro and then 2015 and now we have a new target date of some time after 2015. When will Poland really be in a position to adopt the euro and how will this affect it's economy?
Will the Polish people really welcome the euro?, and perhaps see the costs of everyday life increasing as they have done in all other counties that have already adopted the currency.
Poland will likely be able to adopt the euro only beyond 2015, a high official from the Directorate-General for Economic and Financial Affairs told PAP.
"Poland practically has no chances of entering the euro zone ahead of 2015," the official said. "It is a rather common opinion among economists and EU decision-makers.
Based on the EU autumn forecast, Poland will have problems with meeting the fiscal criterion in the next 2-3 years, the official stressed.
"The EC recommendation indicates that your country should decrease the general government deficit to 3% of GDP in 2012 - it is to some point possible but in our opinion it will be difficult and the opinion that Poland might want the EC to change its recommendation to at least 2013 is common," the official added.
The European Commission expects this deficit to stand at 6.4% in 2009, at 7.5% in 2010 and at 7.6% in 2011, in the absence of government actions regarding the fiscal policy.
First we are advised that 2012 will be the date for adopting the Euro and then 2015 and now we have a new target date of some time after 2015. When will Poland really be in a position to adopt the euro and how will this affect it's economy?
Will the Polish people really welcome the euro?, and perhaps see the costs of everyday life increasing as they have done in all other counties that have already adopted the currency.
PKO BP Sells Over zl.1bn in Mortgages in October
Michael Clay - Friday, November 06, 2009
PKO BP Sells Over zl.1bn in Mortgages in October
PKO BP bank sold over zl.1 billion in mortgage loans in October, vice president Wojciech Papierak told the PAP news agency.
"Both in September and October sales of mortgage loans exceed zl.1 billion," Papierak said.
The bank said earlier that mortgage sales in Q3 totaled around zl.3.2 billion.
Here in the UK PKO BP has new products to offer both UK residents both Polish and British. Being forward thinking, they are able to provide mortgage loans to buyers of property in Poland with excellent facilities of up to 100% LTV.
At a seminar at PKO's offices in London, at which Michael Clay spoke about the property market in Poland, the range of loan facilities was unveiled. These included a service providing mortgages to Employees, Self employed and Directors of Ltd UK companies.
This seems to be a great step forward for PKO in their efforts to increase business with the UK investor market and whilst in PLN the interest rates should prove to be very competitive.
Contact can also be made with DKM Real Estate in London on +44 (0)208 621 4000 and online at www.dkm.pl. They are abe to provide a member of staff free of charge to help potential borrowers to complete bank application forms.
PKO BP bank sold over zl.1 billion in mortgage loans in October, vice president Wojciech Papierak told the PAP news agency.
"Both in September and October sales of mortgage loans exceed zl.1 billion," Papierak said.
The bank said earlier that mortgage sales in Q3 totaled around zl.3.2 billion.
Here in the UK PKO BP has new products to offer both UK residents both Polish and British. Being forward thinking, they are able to provide mortgage loans to buyers of property in Poland with excellent facilities of up to 100% LTV.
At a seminar at PKO's offices in London, at which Michael Clay spoke about the property market in Poland, the range of loan facilities was unveiled. These included a service providing mortgages to Employees, Self employed and Directors of Ltd UK companies.
This seems to be a great step forward for PKO in their efforts to increase business with the UK investor market and whilst in PLN the interest rates should prove to be very competitive.
Contact can also be made with DKM Real Estate in London on +44 (0)208 621 4000 and online at www.dkm.pl. They are abe to provide a member of staff free of charge to help potential borrowers to complete bank application forms.
Economic Fundamentals Point to Stable Zloty - NBP Chief
Michael Clay - Saturday, October 31, 2009
Economic Fundamentals Point to Stable Zloty - NBP Chief
Poland's economic fundamentals suggest that the zloty should be one of the most stable currencies in the region, although a a high dose of uncertainty exists, central bank NBP head Sławomir Skrzypek told reporters.
"The fundamental of our economy are strong and the zloty has every basis to be stable, one of the most stable currencies in the region," NBP CEO said, offering caveat for a "level of uncertainty on the market that makes any declaration difficult."
Now the Polish Zloty Returns to Appreciation Trend
Poland's zloty started gaining Monday night and will likely continue down that road locals told PAP.
Positive global sentiment, large IPOs by PKO BP bank and PGE power as well as EU funds conversion all contribute to the zloty returning to appreciation trend, Kredyt Bank FX dealer Robert Kęsicki said.
The trend should hold in the coming days, in Kęsicki's opinion.
It seems that every winter the zloty becomes stronger and very summer weaker - is this a normal trend or what is it that influences this phenomena
Poland's economic fundamentals suggest that the zloty should be one of the most stable currencies in the region, although a a high dose of uncertainty exists, central bank NBP head Sławomir Skrzypek told reporters.
"The fundamental of our economy are strong and the zloty has every basis to be stable, one of the most stable currencies in the region," NBP CEO said, offering caveat for a "level of uncertainty on the market that makes any declaration difficult."
Now the Polish Zloty Returns to Appreciation Trend
Poland's zloty started gaining Monday night and will likely continue down that road locals told PAP.
Positive global sentiment, large IPOs by PKO BP bank and PGE power as well as EU funds conversion all contribute to the zloty returning to appreciation trend, Kredyt Bank FX dealer Robert Kęsicki said.
The trend should hold in the coming days, in Kęsicki's opinion.
It seems that every winter the zloty becomes stronger and very summer weaker - is this a normal trend or what is it that influences this phenomena
The BPCC Annual Dinner Dance - Ball 2009
Michael Clay - Sunday, October 25, 2009
The BPCC Annual Dinner Dance - Ball 2009
Last Saturday the BPCC held its sell out 17th Annual Ball. 300 guests gathered for the 1920s themed evening, sponsored by Jones Lang LaSalle and co-hosted by InterContinental Warszawa. Coverage of the ball will be in the next issue of Contact magazine but we are so proud of the fundraising achievement that we wanted to shout about it now! Said Caroline Cook.
Every year the BPCC supports a charity at the BPCC Annual Ball and this year we organised two fundraising activities in aid of the Eugeniusza Dutkiewicza SAC Hospice in Gdansk which helps people who have progressive and life-threatening illnesses. We are delighted to announce that a record amount was raised.
The first activity was our annual raffle and thanks to the superb prizes donated by BPCC members and the generosity of guests at the Ball, this raised an amazing 7,610PLN. Second was an auction for a unique, anonymously donated prize – a rugby ball signed by Lech Wałęsa and the entire Polish national rugby team plus a photograph of Jan Kozlowski, president of the Polish Rugby Association and President Wałęsa signing the ball. The auction was open online as well as taking place live at the Annual Ball so non-guests could also take part. Expertly orchestrated by professional real estate auctioneer, Michael Clay of Davidoff Kleeberg & Maresch and Export Poland, bidders battled it out, pushing the price higher and higher until it finally sold for an astounding 10,000PLN.
“We are thrilled to have raised a total of 17,610PLN which is more money than ever before and for such a worthy cause and I would like to thank all members who donated prizes and took part in the fundraising. A superb achievement!” said Martin Oxley, BPCC CEO.
“We would like to thank the BPCC and its members for their huge generosity and support for the hospice. We provide free of charge care to over 1,000 patients every year and therefore donations like this are invaluable to us,” added Aneta Puszko, Fundraising Manager, Eugeniusza Dutkiewicza SAC Hospice.
The entire event was wonderfully hosted by the BPCC and David Thomas - Chairman of the British Polish Chamber of Commerce welcomed all of the guests before Ric Todd HM Ambassador to Poland spoke in both Polish and English to everyone also.
An excellent dinner and 1920's themed dance then took place and a fantastic evening followed. There is no doubt that everyone thoroughly enjoyed themselves.
Poland’ Euro Adoption in 2014/2015 at the Earliest?
Michael Clay - Thursday, October 15, 2009
Poland’ Euro Adoption in 2014/2015 at the Earliest?
Poland will be able to adopt the euro not before 2014-2015, Halina Wasilewska-Trenkner, a member of the National Bank of Poland's Monetary Policy Council said quoted yesterday by the daily Dziennik Gazeta Prawna.
Wasilewska-Trenkner cited the need for meeting Maastricht criteria and a two-year stay in the ERM2 mechanism. She also said that Poland should make necessary amendments in its Constitution ahead of entering the ERM2.
"It is the most important bill but not the only one which should be changed before we start the formal period of preparations for euro adoption, i.e. before we enter ERM2," she added.
The need for a firm date to be established for Poland's entry has never been more important. The constant dialogue and change in dates can be most unnerving to the investors who view Poland as an ideal country to invest in. Continued good GDP results making Poland the leading European economy are encouraging investment and businesses who want to buy from or produce in Poland.
All of these encouraging signs can be stymied if there are continual changes in opinions on the dates of entry to ERM2.
Poland will be able to adopt the euro not before 2014-2015, Halina Wasilewska-Trenkner, a member of the National Bank of Poland's Monetary Policy Council said quoted yesterday by the daily Dziennik Gazeta Prawna.
Wasilewska-Trenkner cited the need for meeting Maastricht criteria and a two-year stay in the ERM2 mechanism. She also said that Poland should make necessary amendments in its Constitution ahead of entering the ERM2.
"It is the most important bill but not the only one which should be changed before we start the formal period of preparations for euro adoption, i.e. before we enter ERM2," she added.
The need for a firm date to be established for Poland's entry has never been more important. The constant dialogue and change in dates can be most unnerving to the investors who view Poland as an ideal country to invest in. Continued good GDP results making Poland the leading European economy are encouraging investment and businesses who want to buy from or produce in Poland.
All of these encouraging signs can be stymied if there are continual changes in opinions on the dates of entry to ERM2.
Poland Sees GDP Growth in Q3 Again
Michael Clay - Friday, October 09, 2009
Poland Sees GDP Growth in Q3 Again
Poland's economy is expected to have grown by some 1% in Q3, deputy Finance Minister Ludwik Kotecki told PAP.
Q2 GDP growth amounted to 1.1%. In late August Kotecki said Q3 result would be lower than the Q2 reading.
Once again, Poland looks like being the LEADING economy within Europe with a GDP that many of the other EU nations would just love to be able to show. How can Poland do this every quarter this year to date when others have failed so miserably?
Perhaps it is the mindset of the Polish Government and its determination to learn from the mistakes that the Western nations have made. Perhaps it is the constant message to the Polish people that they must be aware of the dangers around them in overspending.
Whatever the message is, it seems to be working.
Poland's economy is expected to have grown by some 1% in Q3, deputy Finance Minister Ludwik Kotecki told PAP.
Q2 GDP growth amounted to 1.1%. In late August Kotecki said Q3 result would be lower than the Q2 reading.
Once again, Poland looks like being the LEADING economy within Europe with a GDP that many of the other EU nations would just love to be able to show. How can Poland do this every quarter this year to date when others have failed so miserably?
Perhaps it is the mindset of the Polish Government and its determination to learn from the mistakes that the Western nations have made. Perhaps it is the constant message to the Polish people that they must be aware of the dangers around them in overspending.
Whatever the message is, it seems to be working.
Polish Government Approves Draft 2010 Budget
Michael Clay - Friday, October 02, 2009
Polish Government Approves Draft 2010 Budget
The budget bill which was passed by the cabinet yesterday leaves the budget deficit intact at 52.2 billion zlotys, "large but safe." as called by the Finance Minister Jacek Rostowski.
The government assumes budget receipts in 2010 at 248.87 billion zlotys versus 245.50 billion zlotys in the earlier draft and increases spending to 301.08 billion zlotys from 297.72 billion zlotys.
Budget revenues will be most affected by decrease in VAT receipts, tax deductions for bio-components, increased excise on cigarettes as well as PIT and CIT changes related to use of company cars, the statement on the budget said.
Poland's economy will grow by 2.8% in 2011, 3% in 2012 and 3.4% in 2013, according to the approved budget bill .
I guess the consumer ends up paying the increases in taxation on Cigarettes, Beer, Wines and Alcohol as well as probable increase in Petrol prices.
The budget bill which was passed by the cabinet yesterday leaves the budget deficit intact at 52.2 billion zlotys, "large but safe." as called by the Finance Minister Jacek Rostowski.
The government assumes budget receipts in 2010 at 248.87 billion zlotys versus 245.50 billion zlotys in the earlier draft and increases spending to 301.08 billion zlotys from 297.72 billion zlotys.
Budget revenues will be most affected by decrease in VAT receipts, tax deductions for bio-components, increased excise on cigarettes as well as PIT and CIT changes related to use of company cars, the statement on the budget said.
Poland's economy will grow by 2.8% in 2011, 3% in 2012 and 3.4% in 2013, according to the approved budget bill .
I guess the consumer ends up paying the increases in taxation on Cigarettes, Beer, Wines and Alcohol as well as probable increase in Petrol prices.
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