Information Bulletin 8/2009

Transcription

1 Information Bulletin 8/2009 Warsaw, 2010

2 Compiled from NBP materials by the Department of Statistics as at October 13, 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, 2010 ISSN

3 Contents 1. Economic Developments Monetary Developments Balance of Payments in August 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 In August the economic downfall has significantly slowed down. Industrial output increased in the enterprise sector also as a result of increase in the manufacturing section. High dynamics in construction and assembly remained on the level of the previous month. Satisfactory results of construction companies translated to increase in employment in this section (up by.1 y/y). Employment reduction in the enterprise sector lowered down to ca. 2% y/y. Seasonal works contributed to a decrease in total unemployment rate, which has been reported at ca. 10.8%. With relatively steady inflation remaining at 3.7% y/y wages and salaries decrease in the enterprise sector resulted in decrease in the real value of wages and salaries. CPI has still been growing despite lower wages dynamics and negative growth in employment. Higher level of inflation resulted mostly from increase in regulated prices as well as slower season-oriented decrease in food prices. Contrary to consumer inflation a further decrease in industrial output has been reported, especially in manufacturing. Similarly to the previous two month prices in construction and assembly production have been decreasing. In mid-july the Parliament has passed an amendment to the Budget increasing the estimated budgetary deficit by PLN 9 billion from PLN 18.2 billion to PLN 27.2 billion. According to the aforementioned amendment the non-tax revenues would increase by PLN 8.3 billion, revenues against taxes will be smaller than anticipated by PLN 46.6 billion and budgetary cuts will amount to PLN 21.1 billion. In August the industrial output 1 was 0.1% lower versus 4.4% y/y decrease in July. In manufacturing the output increased by 0.9% y/y. Decrease in sales has been reported in electricity, gas and hot water supply (2% y/y) and in mining (13% y/y). Decrease in industrial output when compared with the corresponding period of the previous year was reported for 19 (of 34) branches of industry 2 i.a. machinery and appliances (13.6% y/y), wearing apparel (9% y/y), vehicles, trailers and semi-trailers (down by 2.7% y/y), furniture (0.8% y/y), metallic products (0.1% y/y). Increase on the other hand has been reported for food and beverages (.2% y/y) as well as rubber and plastics (4.3% y/y); other mineral non-metallic products remained on the level of the previous period. Construction and assembly production in August 2009 for enterprises of more than 9 employees exceeded last year s output by 11%. In July the above indicator stood at 10.7%. Adjusted for seasonal factors this growth was 9.8% y/y. Annual PPI indicator in August 2009 was 2.2%, versus 2.8% reported a month earlier. Increase in prices was reported for gas electricity and hot water supply (up by 14.2% y/y) and in mining (up by 11.8% y/y). Decrease in prices was reported for manufacturing (down by 0.2%). According to the CSO data for July the highest growth in prices for manufacturing characterized with the biggest share in employment was reported for vehicles, trailers and semi-trailers (16.7% y/y), rubber and plastics (7.7% y/y), machinery and appliances (.%), furniture (7.8% y/y), metallic products (3% y/y), wearing apparel (3.1% y/y), as well as food and beverages (2.6% y/y). A decrease in prices during the respective period was reported for other mineral non-metallic products (2.3% y/y). Construction and assembly production prices for August 2009 were lower than a year ago by 0.7% versus 0.4% decrease a month earlier. 1 Non-financial corporations of more than 9 employees. 2 Branches of manufacturing with average employment over 100 thousand persons. 3 Total 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 The CPI for August 2009 was higher than a year ago by 3.7% versus 3.6% a month earlier. The highest increase was reported for alcohols and tobacco (up by 10.3% y/y) and housing maintenance fees and energy sources (up by 8.1% y/y). Prices in food and alcohol-free beverages (4.% y/y), healthcare services (3.2% y/y), have also increased. Decrease in prices affected footwear and wearing apparel (down by 7.9% y/y), transportation services (down by 1.8% y/y) as well as telecommunication services (0.2% y/y). 1 In August 2009 average employment rate in the enterprise sector stood at,270 thousand down by 2.2% (i.e. 129 thousand) when compared to a year ago. Decrease in employment opportunities for industry has been reported in manufacturing (8% y/y), in gas electricity and hot water supply (0.6% y/y) and in mining enterprises (up by 0.% y/y). Figure 1. Indices of Gross Domestic Product (Corresponding of the Previous Year = 100) I I I I I I Figure 2. Sold Production of Industry (Corresponding of the Previous Year = 100) I I I I I I I Total 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 I I I Total Manufacturing Construction and assembly production Mining and quarrying Electricity, gas and water supply INFORMATION BULLETIN 8/2009

6 Economic Developments 1 Figure 4. Selected Prices of Consumer Goods and Services (Corresponding of the Previous Year = 100) I I I I I I I Total 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 I I I Total Mining and quarrying Manufacturing Electricity, gas and water supply Construction Figure 6. Registered Unemployment Persons (Corresponding of the Previous Year = 100) and Unemployment Rate I I I I I Unemployment rate (%) I I 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 I I I Total Mining and quarrying Manufacturing Electricity, gas and water supply Construction Among branches of manufacturing characterised with the highest share in employment, the decrease thereof was reported for furriery and wearing apparel (by 1.4% y/y), vehicles, trailers and semi-trailers (by 16% y/y), other mineral non-metallic products (10.1% y/y), furniture (by 7% y/y), machinery and appliances (8.2% y/y), as well as rubber and plastics (by 6.7% y/y), food and beverages (down by 2% y/y) as well as metallic products (.2% y/y). Among non-industrial branches, increase in employment has been reported for living quarters and gastronomy (.8% y/y), construction (up by.1% y/y), in trade and vehicle repair (1.1%), information and communication (0.6%) as well as administration and support (by 1.9% y/y). Decrease occurred in transportation and storage (by 0.6% y/y). Number of registered unemployed was 1,689 thousand, up by thousand (20.3%) when compared with a year ago. Unemployment rate amounted to 10.8%, up 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 3,268.7 and thus was 3% higher when compared to a year ago. Wages and salaries in manufacturing increased by 3.7% y/y; in gas, electricity and hot water supply by 3.8% y/y as well as in mining by 3.4% y/y. In non-industrial sections, the increase in average wages and salaries was reported in administration and support (by.2% y/y), construction (up by 3.1% y/y), living quarters and gastronomy (1.2% y/y), transportation and storage (up by 0.% y/y), trade and vehicle repair (2.%). Decrease in wages and salaries has been reported for information and communication (0.8%). In January August revenues of the national budget stood at PLN billion whereas its expenditure amounted to PLN 199 billion. The above amounts were respectively higher by 6% and higher by 14.8%, when compared with the corresponding period of the previous year and were 67.2% and 66.3% of the budgetary estimates for In August 2009 budgetary deficit amounted to ca. PLN 1.6 billion versus estimated PLN 27.2 billion. Revenues against indirect taxes was lower than a year ago by 2.6%. Decrease was also reported for CIT (13.8%) and PIT revenues (.9%). Increase was reported for income of budgetary units (up by 6.2%). INFORMATION BULLETIN 8/2009 7

8 Monetary Developments 2 2 Monetary Developments During its August meeting ( ) the Monetary Policy Council decided to keep the interest rates of the NBP unchanged. Thus: The reference rate is 3. %. The lombard rate is %. The deposit rate is 2%. The rediscount rate is 3.7%. During the August minimum reserve period the POLONIA has been similarly deviated and less changeable against the reference rate when compared with a month earlier. Average absolute deviation of the POLONIA against the reference rate of the NBP stood at 94 base points, whereas the aforementioned changeability measured with standard deviation of POLONIA to the reference rate of the NBP 41 base points (in July: 94 base points and 4 base points respectively). On July 31 the NBP has carried out a base operation. The level of which enabled substantial liquidity surplus in the banking sector. As a result of the above the POLONIA rate has remained at % in the July 31-August 6 period. During two other base operations (on August 7 and 14) the supply of bonds has been set in the amount which determined gradual reduction of substantial average deviation from the current account to the minimum reserve period. It contributed to the increase in POLONIA and its approximation to the NBP reference rate (POLONIA has remained at % in the August 7-August 20 period). In the last 10 days of August minimum reserve period a surplus significantly exceeding the reserve requirement has sustained, this surplus had been placed by banks as the close of business deposit (max. PLN 7 billion in August 28 30, average PLN 1.8 billion). POLONIA has again approached the deposit rate of the NBP and remained at % in the August period. Throughout August minimum reserve period 4 two (2) repo operations (3-month and 6-month maturity) have been carried out by the NBP One at PLN 1 million and other at PLN 62 million. At the same time 7 day maturity CHF/PLN currency SWAPs of the total value amounting at PLN 0.6 billion have been carried out by the banks. In August the average interest on zloty denominated loans for non-financial corporations decreased by 0.3 percentage points and stood at 6.4%. Interest on loans for single proprietors has been higher by ca. 2.3 percentage points. Interest rates for zloty denominated housing loans for household and consumer loans remained unchanged and stood at 7.3% and 1.7% respectively. Interest on housing loans denominated in Swiss Francs increased by 0.1 percentage point and stood at 4%. During the respective period banks have lowered average interest on deposits for households by 0.1 to 4.2% and interest on deposits of non-financial corporations by 0.1 percentage points to 3%. alue of M3 in August 2009 decreased by PLN 4 billion (i.e. 0.6%) and stood at PLN 68.4 billion. Its annual rate of change decreased by 2.9 percentage point and stood at 9% y/y. 4 Reserve requirement and payments settlement period in question is to 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. 8 N a t i o n a l B a n k o f P o l a n d

9 Monetary Developments Figure 8. Average Monthly Wages and Salaries in Enterprise Sector (Corresponding of the Previous Year = 100) % WIBOR ON Lombard rate WIBOR 3M 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 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 I I I I I Households (loans for house purchases) Households (loans for consumption) Non-financial corporations Impact of non-transactional factors referring to exchange rate adjustments, was not significant for the period in question; as a result thereof monetary components of broad money decreased by PLN 1.1 billion. Components of the M1 aggregate characterized with high liquidity went up by 2 percentage points to.1% y/y. Other components of broad money have been growing at 14% down by 9.8 percentage point when compared with the previous month. INFORMATION BULLETIN 8/2009 9

10 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 I I I I I I Share (%) 60 I I 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 I I I I I I I alue of the currency in circulation item decreased in August 2009 by PLN 0. billion (0.6%) and stood at PLN 91 billion. Its annual rate of change decreased by 1.8 percentage points and reached 8.8% y/y. M3 liquidity ratio measured with the share of cash and overnights in M3 increased by 1.4 percentage points and stood at 4.1%. M1 liquidity measured with the share of cash outside vaults in M1 decreased by 0.7 percentage points and stood at 24.%. Deposits and other liabilities in M3 decreased in August by 3 billion (0.%) and reached PLN 87.9 billion. Annual rate of change decreased by 2.3 percentage points and stood at 10.7% y/y. Assets of households decreased by PLN 0.3 billion (0.1%). Decrease was reported for non financial corporations (PLN 2.6 billion, i.e. 1.8%) social security funds (PLN 0.9 billion, i.e. 10.4%) and general government (PLN 0.4 billion, i.e. 1.8%). Increase has been reported for non-monetary financial institutions (1 billion, i.e. 3.2%). Major counterpart to creating money in August 2009 was increase in credit to domestic sectors 6 (PLN 3.9 billion, i.e. 0.6% to PLN 667.6) as well as external assets net, which went up by PLN 3.9 billion (6%) to PLN 69.3 billion. Decrease in credit to central government (by PLN 13.1 billion, i.e. 12.1% to PLN 9.1 billion) contributed to a decrease in money supply. Increase in longterm credit (up by PLN 1.7 billion, i.e. 1.1% to PLN billion) have been weighing towards decrease in money supply as well. 6 Credit to MFI against loans, debt purchase as well as guarantees and warrantees. This category does no 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. 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 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 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 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 I I I I I Total Loans for house purchases Loans for consumption In August 2009, credit to non-financial corporations in the MFI decreased by PLN 1.3 billion (0.6%) and reached PLN 221. billion. Its annual rate of change decreased by 4.2 percentage points and stood at 7.6% y/y. Loans with maturity up to 1 year and checking accounts were growing at -3.% y/y (down by 4.2 percentage points). Growth in loans with maturity from 1 year up to years was 6.3% y/y (down by 4.3 percentage points) and loans over years 19.9% y/y (down by 4 percentage points). MIF credit to households increased by PLN 3. billion (0.9%) and stood at PLN billion. Its annual rate of change decreased by 4.2 percentage points and stood at 27.9% y/y. INFORMATION BULLETIN 8/

12 Monetary Developments Figure 16. Bank Loans to Non-financial Corporations (Corresponding of the Previous Year = 100) I I I I I I I I I I I I I Total 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 I I I I M1/GDP M3/GDP Loans/GDP Growth rate of housing loans was 39.1% y/y (down by 7.6 percentage points). Growth of consumer loans was 20.7% y/y (down by 2 percentage points). According to data for, the monetisation of economy has increased. M1 and M3 to GDP ratio increased by 0.7 percentage points to 28.4% and by 0.1 percentage points and stood at 3.2% respectively. In August average zloty exchange rate in the NBP 7 increased by 1.% to EUR, 2.9% against USD and 0.3% against GBP, and 0.1% to CHF. 7 Exchange rate adjustments have been calculated for the period from end-june to end-july 2009 based on average exchange rate at the NBP. 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 August Balance of Payments in August 2009 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 69 million. This balance was influenced by: positive balance of services (EUR 36 million) and current transfers (EUR 719 million) as well as negative balance of income (EUR 672 million) and trade in goods (EUR 487 million). When compared with the year ago a shift from negative to positive occurred with regard to the current account balance (up by EUR 1,032 million). This improvement resulted from increased balance of trade in goods and services. In August 2009 exports was estimated at EUR 7,23 million and imports at EUR 8,004 million. When compared with data for August 2008 exports in goods decreased by EUR 2,161 million, i.e. 22.3% and imports went down by EUR million, i.e. 27.9%. Negative balance of trade in goods amounted to EUR 481 million versus EUR 1,417 million in August Credits against services in August 2009 decreased when compared with August 2008 by 9.4% and stood at EUR 1,913 million. Debits decreased by 22.7% and stood at EUR 1,48 million. Balance of services was positive and amounted to EUR 36 million. The balance of services comprised: positive balance of transportation (EUR 216 million), positive balance of travel (EUR 60 million) and other services (EUR 89 million). Balance of income was negative and amounted to EUR 672 million. In the corresponding period of the previous year this balance was also negative and stood at EUR 497 million. The balance comprised: negative balance of income on investments (EUR 976 million) and positive balance of salaries and workers remittances (EUR 304 million). Credits against compensation of employees and workers remittances amounted to EUR 384 million and were EUR 8 million lower when compared with the corresponding period of the previous year. olume of negative balance of income was determined by EUR 79 million income of nonresident investors against their capital invested in Polish entities (including: dividends paid EUR 28 million, reinvested profits EUR 420 million and interest on loans received EUR 90 million). Negative balance of income was also influenced by interest paid to non-resident creditors on loans received (EUR 116 million) and interest on debt securities paid to external debtors (EUR 7 million). During the past 12 months (i.e. from September 2008 to August 2009) negative balance of current account amounted to EUR 8,40 million, whereas in the corresponding period of September 2007 to August 2008 this deficit stood at EUR 16,946 million. Improvement of the negative balance of current account (up by EUR 8,496 million) resulted mainly from decreasing negative balance of income (from EUR 10,8 million to EUR 9,127 million) and trade in goods (from EUR 16,331 to EUR 8,26). At the same time positive balance of services increased from EUR 3,463 million to EUR 4,111 million positive balance of current transfers decreased from EUR 6,777 million to EUR,137 million. Exports during the past 12 months was estimated at EUR 101,710 million and imports at EUR 110,236 million. When compared with data for the previous period (i.e. September 2007 August 2008) INFORMATION BULLETIN 8/

14 Balance of Payments in August Poland: Balance of Payments (mln EUR) Specification A. Current Account Trade in 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 (NBP excluded) Other sectors Other investments liabilities NBP Government sector MFI (NBP excluded) Other sectors Financial derivatives D. Errors and omissions Total A D E. Official Reserve Assets 2008 I * 2009 I* 2007 I 2008 Cumulated** 2008 I 2009* -1, ,946-8,40-1, ,331-8,26 9,684 8,324 7,23 120,46 101,710 11,101 8,812 8, , , ,463 4,111 2,111 2,01 1,913 23,620 21,927 2,002 1,644 1,48 20,17 17, ,8-9, ,232,992 1,30 1,23 1,178 18,087 1, ,777,137 1, ,19 12,36 11, ,79 6, ,440 3, ,143 4, ,831 4,17 2,99 37,372 17, ,47-1, ,46 7, ,22 1, , , ,988 1, , , ,36 2, ,008-1,921 7, ,046 6, ,68 1, ,092 29,144 3,083-1, ,928-9, , ,297 1, ,009 9, ,113 1, ,98-1, ,79-17, ,971 2,613 1,287-4, ,971-2,613-1,287 4,97 * Preliminary information. ** Cumulated data are presented progressively in the 12 month perspective. exports decreased by EUR 18,746 million, i.e. 1.6% and imports went down by EUR 26,1 million, i.e. 19.4% Positive Balance of EU Transfers Balance of EU transfers was positive and amounted to EUR 387 million, of which balance as reported in current transfers stood at EUR 71 million and in capital transfers it stood at EUR 77 million. Membership premiums paid by Poland to the EU budget amounted to EUR 261 million. 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 August Positive Balance of Non-resident Investment in Poland Balance of non-resident investment in Poland was positive and amounted to EUR 4,41 million. This balance was determined by net inflow of capital against other investment. Balance of foreign direct investment in Poland was positive and amounted to EUR 890 million. The components of this balance were: net inflow of funds against equity capital of Polish direct investment enterprises (EUR 201 million), positive reinvested profits (EUR 420 million) and net outflow of funds against loans received from direct investors (EUR 269 million). Balance of the foreign portfolio investment was positive and amounted to EUR 433 million. Net inflow of capital against non-resident purchase of debt securities amounted to EUR 399 million. Net inflow of capital against non-resident investment in equity securities stood at EUR 34 billion. 3 Increase of Polish liabilities abroad in other investment (EUR 3,092 million) resulted mostly from the liabilities of the general government against new loans (EUR 1,19 million) as well as deposits placed by non-residents with Polish banks (by EUR 949 million) Increase of Resident Investment Abroad Polish investment abroad increased by EUR 1,332 million. This balance was influenced by increase of deposits placed by Polish banks with banks abroad (by EUR 912 million). In August net inflow of assets against direct investments increased by EUR 164 million and in portfolio investment it increased by EUR 160 million. 3.. Official Reserve Assets Increase in official reserve assets (up by EUR 2,613 million) in August 2009 resulted from SDR allocation. Poland received EUR 1,00 million SDR. aluation adjustments and exchange rate fluctuations led to a EUR 344 million decrease in this item. olume of official reserve assets by the end-august 2009 amounted to EUR 3,029 million. Additional Information Regarding the BoP Adjusted BoP data for and 2009 as well as for years have been released as at September 30, 2009 together with data for INFORMATION BULLETIN 8/2009 1

16 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 N a t i o n a l B a n k o f P o l a n d

17 Statistical Annex Statistical Annex INFORMATION BULLETIN 8/

18 Statistical Annex. Tables.1. Tables Table 1. Basic Economic Data 1. Industrial output 2. Construction output 3. Consumer Price Index 4. Producer Price Index 2004 I 200 I I I I I I 2006 I I I I I I 2007 I I I I I I 2008 I I I I I I 2009 I 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 % % % % % % , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , N a t i o n a l B a n k o f P o l a n d

19 Statistical Annex. Tables Table 1. Basic Economic Data, Cont I 200 I I I I I I 2006 I I I I I I 2007 I I I I I I 2008 I I I I I I 2009 I 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 , , , , , , , , , , , , , , , ,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, , , , , , ,47.0, , , , , ,27.0,32.0 1, , ,7.0 2,00.9-6, ,498.0,32.0 1, , , , , ,487.0, , , , , , ,472.0, , , , , , ,463.0, , , , , , ,43.0, , , , , , ,40.0, , , , , ,693.9 INFORMATION BULLETIN 8/

20 Statistical Annex. Tables Table 1. Basic Economic Data, Cont I 200 I I I I I I 2006 I I I I I I 2007 I I I I I I 2008 I I I I I I 2009 I 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 ,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 20 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 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 Total required reserves held of which: Total current account declared vault cash 2004 I 200 I I I I I I 2006 I I I I I I 2007 I I I I I I 2008 I I I I I I 2009 I I I I % % % % % % % % % % % million zloty million zloty million zloty ,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, , ,7/6, ,9 2 21, , ,0/6, ,9 2 21, , ,2/6, ,9 2 22, , ,2/6, ,9 2 22, , ,2/6, ,9 2 22, , ,00/6, ,9 2 19, , ,00/6, ,9 2 19, , ,00/6, ,9 2 19, , day operation from January 2003, 7-day operation from January The rediscount rate. INFORMATION BULLETIN 8/

22 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 Total 1-week of which: 2-week 3-week -week 6-week 8-week 2004 I 200 I I I I I I 2006 I I I I I I 2007 I I I I I I 2008 I I I I I I 2009 I I I I million zloty million zloty million zloty million zloty million zloty million zloty million zloty , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,00.0 4, , , , , , , , , , , , , , , , , , , , , day bills. 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 of which: 10-week 13-week 2-week 26-week 28-week 39-week 49-week 2-week 2004 I 200 I I I I I I 2006 I I I I I I 2007 I I I I I I 2008 I I I I I I 2009 I I I I million zloty million zloty million zloty million zloty million zloty million zloty million zloty million zloty , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , INFORMATION BULLETIN 8/

24 Statistical Annex. Tables Table 2. Financial Market Basic Information, Cont. 3. Treasury bill tenders, cont. Demand declared by bidders (at face value) of which for: Total 1-week 2-week 3-week -week 6-week 8-week 10-week 2004 I 200 I I I I I I 2006 I I I I I I 2007 I I I I I I 2008 I I I I I I 2009 I I I I million zloty million zloty million zloty million zloty million zloty million zloty million zloty , , , , ,49.7 6, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , day bills. 24 N a t i o n a l B a n k o f P o l a n d