Information Bulletin 12/2008

Transcription

1 Information Bulletin 12/2008 Warsaw, May 2009

2 Compiled from NBP materials by the Department of Statistics as at February 12, Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop Published by: National Bank of Poland Education and Publishing Department ul. Âwi tokrzyska 11/21, Warszawa, Poland phone: (48) , fax: (48) Copyright by the National Bank of Poland, 2009 ISSN

3 Contents 1. Economic Developments Monetary Developments Balance of Payments in December Negative Balance of Current Account Positive Balance of EU Transfers Positive Balance of Non-resident Investment in Poland Increase of Resident Investment Abroad Official Reserve Assets Major Decisions of the Monetary Policy Council of the NBP Statistical Annex Tables Figures Seasonally-adjusted Time Series Methodological Notes

4 Economic Developments 1 1 Economic Developments Despite negative impact of the global financial crisis the economic growth in Poland has still been high. According to CSO estimations, the GDP increased in 2008 by 4.8% versus 6.8% growth a year earlier. Gross added value in national economy increased by 4.9% versus 6.6% in In industry this growth amounted to 3.7%, in construction to 11.3% and in market services to.6% (in 2007 this growth was 9.9%, 12.% and 6.4% respectively). During the period in question domestic demand has been on the similar level to the GDP, i.e. 4.8% versus 8.6% in consumption increased by 4% of which individual consumption increased by.4% (versus 4.7% and.4% respectively in 2007).Gross expenditure on fixed assets increased by 7.9% y/y (17.6% in 2007). Investment rate measured with the gross expenditure on fixed assets to GDP increased from 21.6% in 2007 to 22% in Worse economic results when compared with 2007 have resulted from an economic slowdown in H and especially in Q4, when the annual industrial output has been negative. Much better results have been disclosed in construction. Labour market has also suffered from consequences of financial crisis. Employment rate has been in decline since February An actual increase in unemployment rate occurred only in November 2008, and stood above 9%. It resulted in a decrease in wages and salaries which in Q4 reached % y/y. Lower wage pressure translated into slowdown in increase of prices of goods and services. The CPI at end-december has again reached the upper bracket of the inflationary target. Industrial output prices have been growing slower when compared with consumer prices. Performance of national budget in terms income and expenditure has been lower than estimated (not above 90%). Budgetary deficit amounted to PLN 24.6 billion, i.e. 90.8% of the estimated deficit. In December the industrial output 1 was 4.4% lower than a year ago versus a 0.9% y/y decrease in November. Adjusted for seasonal factors decrease in industrial output amounted to 7.4%. In manufacturing this decrease was 4% y/y. Decrease in sales has also been reported in electricity, gas and hot water supply (9.1% y/y) and in mining (0.9% y/y). Decrease in industrial output when compared with the corresponding period of the previous year was reported for 20 (of 29) branches of industry, i.e. vehicles, trailers and semi-trailers (down by 21.1%), chemical products (12.7% y/y), furriery and wearing apparel (4.9% y/y), other nonmetallic products (4.8% y/y), furniture and other production (3.9% y/y), rubber and plastics (1.4% y/y), machinery and electric appliances (1.1%) and metallic products (0.9% y/y). Increase on the other hand has been reported in food and beverages (up by 6.3%) as well as machinery and appliances (1.6%). Construction and assembly production in December 2008 for enterprises of more than 9 employees exceeded last year s output by 6.1%. In November the above indicator stood at.%. Adjusted for seasonal factors this growth was 7.9% y/y. Annual PPI in December 2008 was 2.6%, versus 2.4% reported a month earlier. Increase in prices was reported for manufacturing (up by 0.8% y/y), in gas, electricity and hot water supply (up by 12.7% y/y) and in mining up by 11% y/y. According to the CSO data for November the highest growth in prices for manufacturing characterized with the biggest share in employment was reported for chemical products (10.4% y/y), metallic products (4.6% y/y), furriery and wearing apparel (2.4% y/y), furniture and other production 1 Non-financial corporations of more than 9 employees. 2 industrial output prices and prices for major sections: mining and quarrying, manufacturing and electricity, gas and hot water supply are published by the CSO in advance to detailed data on respective sections. 4 N a t i o n a l B a n k o f P o l a n d

5 Economic Developments (1.3% y/y), rubber and plastics (0.8% y/y), other non-metallic products (0.8% y/y) as well as vehicles, trailers and semi-trailers (0.4%). A decrease in prices during the respective period was reported for machinery and electric appliances (down by 3.1% y/y), machinery and appliances (1.8%) and food and beverages (down by 1.3% y/y). 1 Construction and assembly production prices for December 2008 were higher than a year ago by 2.% versus 2.9% a month earlier. The CPI for November 2008 was higher than a year ago by 3.3% versus 3.7% a month earlier. The highest increase was reported for housing maintenance fees and energy sources (up by 11.3% y/y), Figure 1. Indices of Gross Domestic Product (Corresponding of the Previous Year = 100) I I Figure 2. Sold Production of Industry (Corresponding of the Previous Year = 100) I I I I Manufacturing Mining and quarrying Electricity, gas and water supply Figure 3. Sold Production of Industry Prices Indices (Corresponding of the Previous Year = 100) I I I I Manufacturing Construction and assembly production Mining and quarrying Electricity, gas and water supply INFORMATION BULLETIN 12/2008

6 Economic Developments 1 Figure 4. Selected Prices of Consumer Goods and Services (Corresponding of the Previous Year = 100) I I I I Alcoholic beverages and tobacco products Housing Transport Foods and non-alcoholic beverages Clothing and footwear Health care Communication Figure. Average Paid Employment in Enterprise Sector (Corresponding of the Previous Year = 100) I I I I Mining and quarrying Manufacturing Electricity, gas and water supply Construction Figure 6. Registered Unemployment Persons (Corresponding of the Previous Year = 100) and Unemployment Rate 8 Unemployment rate (%) I I I I 8. Registered unemployment persons Unemployment rate 6 N a t i o n a l B a n k o f P o l a n d

7 Economic Developments Figure 7. Average Monthly Wages and Salaries in Enterprise Sector (Corresponding of the Previous Year = 100) I I I I Mining and quarrying Manufacturing Electricity, gas and water supply Construction food and alcohols and tobacco (up by 8.2% y/y). Prices growth in food and alcohol-free beverages (3.2%), healthcare services (3% y/y), as well as telecommunication services (0.2% y/y) have been below the average. Decrease in prices affected also footwear and wearing apparel (down by 6.8% y/y) and transportation services (down by 6.8%). In December 2008 average employment rate in the enterprise sector stood at,360 thousand up by 2.3% (i.e. 119 thousand) higher when compared to a year ago. Increase in employment opportunities for industry has been reported in mining enterprises (up by 2.4% y/y). Decrease on the other hand has been reported in manufacturing (1% y/y) as well as in gas, electricity and hot water supply (0.3% y/y). Among branches of manufacturing characterised with the highest share in employment, the biggest increase thereof was reported for rubber and plastics (4.3% y/y), metallic products (4.2% y/y), vehicles, trailers and semi-trailers (up by 2.4% y/y), chemical products (1.4%) as well as machinery and appliances (1.2% y/y). Decrease in employment occurred in furriery and wearing apparel (down by 8.8% y/y), furniture and other production (down by 4.3% y/y), other non-metallic products (2.9% y/y), electric machinery and appliances (3.3% y/y) as well as food and beverages (down by 2.1% y/y). Among non-industrial branches, the increase in employment has been reported for construction (up by 7.1% y/y), hotels and restaurants (up by 6.4% y/y), trade and repairs (6.1%), services for real estate and companies (%), and transportation, telecommunication and storage (by 2.8% y/y). Number of registered unemployed was 1,473.8 thousand, down by thousand (1.6%) when compared with a year ago. Unemployment rate amounted to 9.%, down by 1.7 percentage points when compared with the corresponding period of the previous year. Average monthly gross wages and salaries in the enterprise sector stood at PLN 3,419.8 and thus was.4% higher when compared to a year ago. Wages and salaries in manufacturing increased by 6.4% y/y; and in gas, electricity and hot water supply by 10.3% y/y whereas in mining a decrease of 7.% y/y has been reported. In non-industrial sections, the increase in average wages and salaries was reported in transportation, storage and communication (up by 10.8% y/y), construction (up by 6.6% y/y), servicing real estate and companies (.%), hotels and restaurants (up by 4.9% y/y) as well as trade and repairs (up by 3.1% y/y). In 2008 revenues of the national budget stood at PLN 24.1 billion whereas its expenditure amounted to PLN billion. The above amounts were higher by 7.7% and 10.2% respectively, INFORMATION BULLETIN 12/2008 7

8 Monetary Developments when compared with the corresponding period of the previous year and were 90.1% and 90.2% of the budgetary estimates for In December 2008 budgetary deficit amounted to ca. PLN 24.6 billion versus estimated PLN 27.1 billion. 2 Revenues against indirect taxes exceeded those of the previous year by.2%. Increase was also reported for CIT revenues (up by 10.%) and PIT. 8 N a t i o n a l B a n k o f P o l a n d

9 Monetary Developments 2 Monetary Developments 2 During its December meeting ( ) the Monetary Policy Council decided to decrease the basic interest rates of the NBP down by 0.7 points. Thus: The reference rate is %. The lombard rate is 6.%. The deposit rate is 3.%. The rediscount rate is.2%. Throughout December minimum reserve period 3 the POLONIA rate 4 has similarly deviated against the NBP reference rate when compared with a month ago. deviation from the NBP reference rate was 77 bp versus 79 bp in November. During the respective period 4 open market operations have been carried out by the NBP, during which the value of bonds sold amounted to PLN 13. billion. Additionally, on December 12 another open market operation has been carried out and amounted to PLN 3.6 billion. The NBP has also carried out: 2 repurchase operations (1 and 3 months) for the total amount of PLN. billion. 12 SWAP operations for the total amount of PLN 2 billion. In view of the year end, banks refrained form investing in monetary bonds and increased close of business deposits with the NBP. In December this deposit amounted to PLN 4.6 billion. During the minimum reserve period a positive deviation of banks current account from the minimum reserve has been observed (over PLN 4 billion until 1.12). Therefore during the minimum reserve period the POLONIA has stood below the reference rate. In December the average interest on zloty denominated loans for non-financial corporations increased by 0.1% and stood at 8.% 6. Interest on loans for single proprietors has been higher by ca. 1.6 percentage points. Interest rates for zloty denominated housing loans for households decreased by 0.1 percentage points to 8.7% and interest on loans denominated in Swiss Francs decreased by 0. percentage point and stood at 4.%. In December, interest on zloty denominated consumer loans increased by 0. percentage points and was 1.3%. During the respective period banks have increased average interest on deposits for households by 0.3 percentage points to 6.% and deposits of non-financial corporations by 0.1 percentage points to.6%. alue of M3 in December 2008 increased by PLN 18 billion (i.e. 2.8%) and stood at PLN billion. Its annual rate of change increased by 0. percentage points and stood at 18.6% y/y. Impact of non-transactional factors referring to exchange rate adjustments, was significant for the period in question; as a result thereof monetary components of broad money increased by PLN 4.3 billion. 3 Reserve requirement and payments settlement period in question is 1.12 to POLONIA reference rate calculated "overnight" for zloty denominated deposits between the POLONIA fixing participants. Rates have been compared according to the unified 36-day base, deviations are calculated in absolute values. 6 Interest on loans and deposits refers to new businesses concluded in a given reporting month. Appendices to existing agreements are deemed new businesses. In credit to non-financial corporations businesses of up to PLN 4 million were included. For calculation method of average interest please refer to MIR users manual available at Statistics\MBS\MIR Statistics. INFORMATION BULLETIN 12/2008 9

10 Monetary Developments Figure 8. Interbank Rates vs. NBP Base Rates % WIBOR ON Lombard rate WIBOR 1W POLONIA rate Reference rate NBP deposit rate Figure 9. Average MFI Deposit Interest Rates on New Business, PLN Denominated % I I I I I I I I Non-financial corporations Households Figure 10. Average MFI Loan Interest Rates on New Business, PLN Denominated % I I I I I I I I Households (loans for house purchases) Households (loans for consumption) Non-financial corporations Components of the M1 aggregate characterized with high liquidity went down by.8 percentage points to 4.3% y/y. Other components of broad money have been growing at 39.9% up by 11.1 percentage point when compared with the previous month. alue of the currency in circulation item increased in December 2008 by PLN 0.7 billion (0.8%) and stood at PLN 90.7 billion. Its annual rate of change decreased by 1.7 percentage points and reached 17.6% y/y. 10 N a t i o n a l B a n k o f P o l a n d

11 Monetary Developments Figure 11. Share of Currency in Circulation and Overnight Deposits of Domestic Residents in M3, M1 and M3-M1 Growth (Corresponding of the Previous Year = 100) I I I I I I I I I I I Share (%) I 2 M3-M1 M1 Share of currency in circulation and overnight deposits in M3 Figure 12. Share of Currency in Circulation (Excluding ault Cash) in M1 % I I I I I I I I I I I I M3 liquidity ratio measured with the share of cash and overnights in M3 decreased by 0.7 percentage point and in December stood at 2.%. M1 liquidity measured with the share of cash outside vaults in M1 decreased by 0.2 percentage points and stood at 2.9%. Deposits and other liabilities in M3 increased in December by 19.6 billion (3.6%) and reached PLN 69.6 billion. Annual rate of change decreased by 1.2 percentage points and stood at 20.6% y/y. Assets of households increased by PLN 17.4 billion (.%). Deposits of non-monetary financial corporations were higher when compared to the previous month (PLN.4 billion, i.e. 3.2%), an increase was also reported in deposits of social security funds (PLN 0.1 billion, i.e. 0.9%). Decrease was reported for general government (down by PLN 4.4 billion, i.e. 17%). Major counterpart to creating money in December 2008 was credit of domestic sectors 7, which went up by PLN 29.2 billion (4.8%) to PLN billion, and to a lesser extent credit to central government net which increased by PLN 18.3 billion (19.8%) and stood at PLN Increase in longterm credit (up by PLN 2 billion, i.e. 1.% down to PLN 13.8 billion) and decrease in external assets net (down by 18.8 billion, i.e. 28.1% to PLN 47.9 billion) contributed to a decrease in money supply. In December 2008, credit to non-financial corporations in the MFI increased by PLN 2 billion (0.9%) and reached PLN billion. Its annual rate of change increased by 1.6 percentage points and stood at 29% y/y. 7 Credit to MFI against loans, debt purchase as well as guarantees and warrantees. This category does not include interest due and liabilities against securities. Domestic sector includes non-monetary financial institutions, non-financial corporation, non-commercial institutions serving households, self-government and social security funds. INFORMATION BULLETIN 12/

12 Monetary Developments Figure 13. Deposits and Other Liabilities of MFIs to Non-financial Corporations and Households Included in M3 (Corresponding of the Previous Year = 100) I I I I I I I I Non-financial corporations Households Figure 14. MFI Loans and Other Claims on Non-financial Corporations and Households (Corresponding of the Previous Year = 100) I I I I I I I I Non-financial corporations Households Figure 1. Bank Loans to Households (Corresponding of the Previous Year = 100) I I I I I I I I Loans for house purchases Loans for consumption Loans with maturity up to 1 year and checking accounts were growing at 2.4% y/y (down by 1.4 percentage points). Increase in loans with maturity from 1 year up to years was 30.% y/y (up by 3.3 percentage points) and loans over years 31.1% y/y (up by 2.9 percentage points). Credit to households increased by PLN 23.7 billion (6.7%) and stood at PLN 376 billion. Its annual rate of change increased by 6.7 percentage points and stood at 44.6% y/y. Growth rate of housing loans was 64.9% y/y (up by 14.3 percentage points). Increase in consumer loans was 33.1% y/y (up by 0.1 percentage points). 12 N a t i o n a l B a n k o f P o l a n d

13 Balance of Payments in December 2008 Figure 16. Bank Loans to Non-financial Corporations (Corresponding of the Previous Year = 100) I I I I I I I I 3 Over 1 year up to years Up to 1 year (including current accounts) Over years Figure 17. Share of Monetary Aggregates and MFI Loans and Other Claims on Other Domestic Residents in GDP % I I M1/GDP M3/GDP Loans/GDP According to data for, the monetisation of economy has been variable. M1 to GDP ratio decreased in the Q4 by 0.4 percentage points to 28.4% while M3 to GDP ratio increased by 1.1 percentage points and stood at 0.%. In October average zloty exchange rate in the NBP 8 decreased by 11.1% against EUR, 1.4% against USD, and 1.4% against CHF. It increased against GBP by 4.%. 8 Exchange rate adjustments have been calculated for the period from end-november to end-december 2008 based on average exchange rate at the NBP. INFORMATION BULLETIN 12/

14 Balance of Payments in December Balance of Payments in December Components of monthly bop are estimated based on monthly payments registered in the banking system, monthly information regarding external trade in goods registered in CELINA system, quarterly information reported by residents investing abroad and public statistics surveys. This version of bop is preliminary and may be subject to further adjustments Negative Balance of Current Account Balance of the current account was negative and amounted to EUR 1,920 million. This balance was influenced by: negative balance of trade in goods (EUR 1,688 million) and income (EUR 69 million) as well as positive balance of services (EUR 276 million) and current transfers (EUR 11 million). Increase in the negative balance of the current account when compared with the year ago was connected to negative balance of EU transfers. In December 2008 exports was estimated at EUR 6,806 million and imports at EUR 8,494 million. When compared with data for December 2007 exports in goods decreased by EUR 1,340 million, i.e. 16.4% and imports went down by EUR 1,32 million, i.e. 13.%. Negative balance of trade in goods amounted to EUR 1,688 million versus EUR 1,673 million in December Credits against services in December 2008 decreased when compared with December 2007 by 11.4% and stood at EUR 1,77 million. Debits decreased by 3.4% and stood at EUR 1,499 million. Balance of services was positive and amounted to EUR 276 million. The balance of services comprised: positive balance of transportation (EUR 310 million), positive balance of travel (EUR 71 million) and negative balance of other services (EUR 10 million). Balance of income was negative and amounted to EUR 69 million. In the corresponding period of the previous year this balance was also negative and stood at EUR 1,221 million. The balance comprised: negative balance of income on investments (EUR 912 million), positive balance of salaries and workers remittances (EUR 23 million). Credits against compensation of employees and workers remittances amounted to EUR 338 million and were EUR 36 million lower when compared with the corresponding period of the previous year. olume of negative balance of income was determined by EUR 91 million income of nonresident investors against their capital invested in Polish entities (including: dividends paid EUR 311 million, positive reinvested profits EUR 191 million and interest on loans received EUR 89 million). Negative balance of income was also influenced interest paid to non-resident creditors on loans received (EUR 367 million). During the past 12 months (i.e. from January 2008 to December 2008) negative balance of current account amounted to EUR 19,44 million, whereas in the corresponding period of January 2007 to December 2007 this deficit stood at EUR 14,609 million. Deterioration of the negative balance of current account resulted mainly from increasing trade in goods deficit (from EUR 11,88 million to EUR 16,214 million) and deterioration of the negative balance of income (from EUR 12,383 million to EUR 16,1 million). At the same time positive balance of current transfers decreased from EUR 6,196 million to EUR,00 million, whereas positive balance of services increased from EUR 3,40 million to EUR 3,102 million. Exports during the past 12 months was estimated at EUR 118,722 million and imports at EUR 134,877 million. When compared with data for the previous period (i.e. January 2007 December 14 N a t i o n a l B a n k o f P o l a n d

15 Balance of Payments in December 2008 Poland: Balance of Payments (mln EUR) Specification A. Current Account Balance on goods Goods: exports f.o.b. Goods: imports f.o.b Balance on services Services: Credit Services: Debit Balance on Income Income: Credit Income: Debit Balance on Current Transfers Current Transfers: Credit Current Transfers: Debit B. Capital Account Capital account: Credit Capital account: Debit C. Financial Account Polish direct investment abroad Foreign direct investment in Poland Portfolio investment assets Equity securities Debt securities Portfolio investment liabilities Equity securities Debt securities Other investments assets NBP Government sector MFI (excluding Central Bank) Other sections Other investments liabilities NBP Government sector MFI (excluding Central Bank) Other sections Financial derivatives D. Net errors and omissions Overall Balance E. Official Reserve Assets 2007 I* 2008 * I Cumulated** I * -2,314-1,637-1,920-14,609-19,44-1,673-1,19-1,688-12,383-16,1 8,146 8,81 6,806 10,88 118,722 9,819 10,334 8, , , ,40 3,102 2,004 1,777 1,77 20,931 23,4 1,2 1,477 1,499 17,26 20,42-1, ,827-11, ,316 7,960 1,829 1,228 1,236 19,143 19, ,196, ,100 10, ,904, ,421 3, ,882 4, ,66 1, ,823 26, ,482-2,679 1,181 1, ,649 11,10-1, ,362 1, , , , ,684 1, ,222-1,020 2, , ,073, ,694-2, ,906 18,128-1,734-1,016-2,073,114-4, ,023-1, ,212 16, ,603 7, , , ,263-13,067-1,24-1,173-2,639 9,372-2,368 1,24 1,173 2,639-9,372 2,368 3 * Preliminary data. ** Cumulated data are presented progressively in the 12 month perspective. 2007) exports increased by EUR 12,864 million, i.e. 12.2% and imports went up by EUR 16,636 million, i.e. 14.1% Negative Balance of EU Transfers Balance of EU transfers was negative and amounted to EUR 69 million, of which balance as reported in current transfers stood at EUR 224 million. Inflow of EU funds amounted to EUR 314 million. Inflow of current transfers stood at EUR 19 million and referred to transfers included in INFORMATION BULLETIN 12/2008 1

16 Balance of Payments in December 2008 the capital account (EUR 1 million). Membership premiums paid by Poland to the EU budget amounted to EUR 383 million Negative Balance of Non-Resident Investment in Poland 3 Balance of non-resident investment in Poland was negative and amounted to EUR 1,310 million. This balance was determined by net outflow of capital against foreign direct investment and reverse repo transactions carried out by the NBP. Balance of foreign direct investment in Poland was negative and amounted to EUR 12 million. The components of were: net inflow of funds against equity capital of Polish direct investment enterprises (EUR 317 million), inflow of positive reinvested profits (EUR 191 million) and net outflow of funds against loans received from direct investors (EUR 1 million). Balance of the foreign portfolio investment was negative and amounted to EUR 663 million Purchase of Treasury bonds issued on external markets has greatly influenced this balance. Decrease of Polish liabilities abroad in other investment (EUR 22 million) resulted mostly from: decrease in liabilities of the National Bank of Poland (EUR 2,184 million) resulting from reverse repo Decrease of Resident Investment Abroad Polish investment abroad decreased by EUR 1,12 million. This balance was influenced by: net inflow of assets against other investments (decrease in assets down by EUR 1,222 million mostly as a result of a decrease in assets of Polish banks with banks abroad down by EUR 831 million), Polish direct investment abroad (up by EUR 177 million), resident withdrawal from foreign securities (EUR 80 million). 3.. Official Reserve Assets Decrease in official reserve assets in December 2008 resulted from NBP transactions and transactions of NBP clients which totalled EUR 2,639 million. Negative exchange rate differences and valuation adjustments increased the volume of official reserve assets by EUR 2,482 million. olume of official reserve assets by the end-december 2008 amounted to EUR 44,139 million. 16 N a t i o n a l B a n k o f P o l a n d

17 Major Decisions of the Monetary Policy Council of the NBP 4 Major Decisions of the Monetary Policy Council of the NBP 1. Resolution No 9/2004 of the MPC dated August 2, 2004 on reference rate, interest on refinanced loans, interest on deposits with agreed maturity and rediscount rate of the NBP. 4 INFORMATION BULLETIN 12/

18 Statistical Annex Statistical Annex 18 N a t i o n a l B a n k o f P o l a n d

19 Statistical Annex. Tables.1. Tables Table 1. Basic Economic Data 1. Industrial output 2. Construction output 3. Consumer Price Index 4. Producer Price Index 2003 I 2004 I I I I 200 I I I I 2006 I I I I 2007 I I I I 2008 I I I current prices constant prices the same month previous year = 100 previous month = 100 current prices constant prices the same month previous year = 100 previous month = 100 the same month previous year = 100 % previous month = 100 December previous year = 100 the same month previous year = 100 previous month = 100 million zloty % % million zloty % % % % % % , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , INFORMATION BULLETIN 12/

20 Statistical Annex. Tables Table 1. Basic Economic Data, Cont I 2004 I I I I 200 I I I I 2006 I I I I 2007 I I I I 2008 I I I. Construction Price Index the same month previous year = 100 previous month = Number 7. Average of employed, employment, corporate corporate sector sector total total 8. Number of unemployed 9. Unemployment rate 10. Average monthly employee earnings, gross, corporate sector 11. National Budget revenue & expenditure financial surplus/deficit revenue expenditure and net foreign lending/ borrowing % % thousands thousands thousands % zloty million zloty million zloty million zloty , , , , , , , ,86.0 4, , , , , , ,8.0 4, , , , , , ,84.0 4, , , , ,81.0-8, , ,67.0 3, , , ,824. -, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,68.0 2, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,74.0 3, , , , , ,93.0 4, , , , , , ,90.0 4,74.0 2, ,471.22,99. 69, , ,94.0 4,76.0 2, , ,.1 87, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,09.0 4, , , , , , , , , , ,78.0 6, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,19.0 4,97.0 2, , , , , , , , , , , , ,19.0 4, , , , , , , ,99.0 2, , , , , ,23.0, , , , , , ,271.0, , , , ,22.6-1, ,294.0, , ,82.71, ,73. -2, ,303.0,10.0 2, , , ,276. 1, ,320.0, , , , , ,342.0, , , , , ,36.0, , , , , , ,381.0, , , , , , ,38.0, , , , ,74.4 4, ,417.0, , , , , ,431.0, , , , , , ,411.0, , , , , , ,44.0, , , ,6.4 18, , ,69.0, , , , , ,76.0, , , ,69. 62, ,8.0, , , , , ,84.0, , , , , , ,87.0, , , , , , ,93.0, , , , , , ,8.0, , , , , , ,94.0, , , , , ,98.0, , , , , , ,79.0, , , , , , ,23.0, , , , , , N a t i o n a l B a n k o f P o l a n d

21 Statistical Annex. Tables Table 1. Basic Economic Data, Cont I 2004 I I I I 200 I I I I 2006 I I I I 2007 I I I I 2008 I I I total revenues of which: sales of goods & services total operating costs of which: cost of sales pre-tax profit/loss 12. Corporate financial performance statutory deductions net profit/loss cost to sales ratio total current assets accounts receivable and associated claims accounts payable million zloty million zloty million zloty million zloty million zloty million zloty million zloty % % % million zloty million zloty million zloty ,080, , ,00, , , , , , , , , , , , , ,9.7 13, , , , , ,37.8 7, , , , , , , , , , , ,48.9 7, , , , , , ,28, ,00.3 1,186, ,21.7 7, , , , , , , , , , , , , , , , , , , , , ,31. 24, , , , ,2.0 86, , ,28. 0, , , , , , ,314, ,174. 1,20, , , ,4.1 1, , , , , , , , , , , , , , , , , , ,26.3 7, , , , , ,079, , ,016, , , , , , , , ,497, , ,411, , , ,42. 69, , , , , , , , , , , , , , , , , , ,478. 9, , , , , ,238, , ,19, , , , , , , , ,716, ,042, ,610, ,032, , , , , , , , , , ,32.7 2,698.3, , , , , , , , ,09.2 4, , , , , , ,403, , ,323, , , , , , , , net margin quick liquidity ratio INFORMATION BULLETIN 12/

22 Statistical Annex. Tables Table 2. Financial Market Basic Information Lombard rate Rediscount rate 1. NBP interest rates Refinancing rate Deposit rate Minimum yield on open market operations (reverse repo rate) 1 Reserve requirement ratio on zloty deposits Reserve requirement ratio on foreign currency deposits (zloty equivalent) demand time demand time 2. Reserve requirement Reserve requirement ratio on repo operations Interest on reserve requirement required reserves held of which: current account declared vault cash 2003 I 2004 I I I I 200 I I I I 2006 I I I I 2007 I I I I 2008 I I I % % % % % % % % % % % million zloty million zloty million zloty ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, , , ,7/7, ,9 2 10, , ,7/7, ,9 2 10, , ,0/8, ,9 2 10, , ,0/9, ,9 2 10, , ,0/9, ,9 2 10, , ,0/9, ,9 2 10, , ,0/9, ,9 2 10, , ,0/9, ,9 2 11, , ,0/9, ,9 2 11, , ,0/9, ,9 2 10, , ,/8, ,9 2 11, , ,0/8, ,9 2 11, , ,0/8, ,9 2 11, , ,/7, ,9 2 11,34. 11, ,2/7, ,9 2 11,34. 11, ,2/7, ,9 2 11, , ,0/7, ,9 2 11, , ,0/7, ,9 2 11, , ,0/7, ,9 2 12, , ,0/7, ,9 2 12, , ,0/7, ,9 2 12, , ,7/6, ,9 2 12, , ,0/6, ,9 2 12, , ,0/6, ,9 2 12, , ,0/6, ,9 2 12, , ,0/6, ,9 2 12,98. 12, ,0/6, ,9 2 12, , ,0/6, ,9 2 13, , ,0/6, ,9 2 13, , ,0/6, ,9 2 13, , ,0/6, ,9 2 13, , ,0/6, ,9 2 13, , ,0/6, ,9 2 14, , ,0/6, ,9 2 14, , ,0/6, ,9 2 14, , ,7/6, ,9 2 1, , ,7/6, ,9 2 1,10.8 1, ,00/7, ,9 2 1,10.8 1, ,00/7, ,9 2 1, , ,2/7, ,9 2 1, , ,2/7, ,9 2 1, , ,2/7, ,9 2 16, , ,0/7, ,9 2 16, , ,0/7, ,9 2 16, , ,7/7, ,9 2 17, , ,00/8, ,9 2 17, , ,2/8, ,9 2 17, , ,2/8, ,9 2 18, , ,2/8, ,9 2 18, , ,0/8, ,9 2 18, , ,0/8, ,9 2 19, , ,0/8, ,9 2 19, , ,0/8, ,9 2 19, , ,0/8, ,9 2 20, , ,2/8, ,9 2 20, , ,0/7, ,9 2 21, , day operation from January 2003, 7-day operation from January The rediscount rate. 22 N a t i o n a l B a n k o f P o l a n d

23 Statistical Annex. Tables Table 2. Financial Market Basic Information, Cont. 3. Treasury bill tenders Face value of bills offered for sale Number of tenders during month 1-week 2-week 3-week -week 6-week of which: 8-week 10-week 13-week 26-week 39-week 2-week 2003 I 2004 I I I I 200 I I I I 2006 I I I I 2007 I I I I 2008 I I I million zloty million zloty million zloty 18 million zloty 19 million zloty 20 million zloty 21 million zloty 22 million zloty 23 million zloty 24 million zloty 2 million zloty 26 million zloty 27 4, , , , , ,200.00, , , , , , , , , ,400.00, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,800.00, day bills. INFORMATION BULLETIN 12/