The cabinet passed the 2009 budget draft stipulating for GDP growth of 4.8% vs. 5.0% envisaged in the June budget guidelines, the government press office said. The average annual inflation forecast has been retained at 2.9%.
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The Polish currency experienced big swings throughout the course of the week.
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Alcan Packaging Food Europe announced today an average 5% price increase on all its products and up to 15% increase on resin based packaging products in Europe. This is applied on all packaging deliveries effective August 1st, 2008.
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The Polish Consumer Price Index (CPI) rose by 0.8% m/m, while annual inflation was 4.4% in May, the Central Statistical Office (GUS) announced. In April, the annual CPI index growth was 4.0% y/y.
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The Polish government is to assume that growth will fall to 4.6 percent whilst inflation will reach 2.9 percent for budget purposes.
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Poland's national bank, the NBP) has announced that it expects inflation for the next 12 months to grow to 4.6% in March from February's 4.4%.
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Latvia’s economic growth is among the fastest in the world, with GDP growing 10% in 2007 after 12% growth in 2006. The consensus estimate is that GDP will grow 7-8% in 2008. Growth has been stimulated by domestic demand driven by fast wage growth and private borrowing, boosting consumer price inflation
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Estonia’s GDP grew 7.0% in 2007, following 11.8% in 2006 and 10.5% growth in 2005. Average GDP growth has been over 9% for the last eight years. Growth is projected to be 5% in 2008. The contribution of domestic demand to growth has increased markedly since 2005, as consumption has been fuelled by wages
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Disturbances originating in the US sub-prime mortgage market have widened to affect other markets, but the fundamentals for the EU8+2 are broadly unchanged, although the level of uncertainty has risen.
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The Monetary Policy Council (RPP) has raised interest rates by 25bps across the board, as expected, to 5.00% in the case of the key market intervention rate as it expects further rise of wage pressures and, as a consequence, CPI pressure, which will likely lead to headline inflation's remaining above the path envisaged in the central bank's October CPI projection, the National Bank of Poland (NBP) said in a communiqué after the RPP's sitting.
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Romania reported a 0.74% inflation rate in December last year, bringing the overall inflation rate for 2006 to 4.87% compared to 8.6% the previous year, according to the latest data presented by the National Statistics Institute. The average monthly inflation rate stood at 0.4% over the past 12 months.
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