The Polish Economy Digest – May 2021

Eur 4.47 (4.56)
usd 3.66 (3.79)
UAH 7.48 (7.36)
INR 19.92 (19.55)
GBP 5.18 (5.24)

(Bracket) Prices are from the start of the Month

Currency
The Polish Zloty (PLN) continued to strengthen throughout the month from a close in April of just below 4.60 against the Euro and 3.80 against the USD. Whilst USD weakness was a contributory factor, the markets are convinced that The National Bank of Poland (NBP) is supporting this strengthening, no doubt in a bid to find the right balance between the inflationary effect of a weak currency and export suppression of a strong one. technical analysis suggests that should Eur/PLN breaks below 4.45 then the next level may be 4.39.
Economy
As the economy opens up there are expectations that it could recover more quickly and more robustly than initially forecast. Inflation year on year (YoY) came in at 4.3% in the middle of May and there are rumours of a reduction in the number of majority “doves” (those who prefer to keep interest rates low) on the National Bank of Poland (NBP) board. Corporate sector wages rose by just under 10% YoY which, whilst expected today, wasn’t a year ago. Unemployment remains at a relatively benign level of 6.3%.
Property
A new report from Otodom for April finds that prices are continuing to rise in both the primary (new homes) and secondary market. In some cases, record increases are being hit. As the Government launched essentially a 100% financing option in their new deal project, demand is expected to increase putting more upward pressure on property prices. (click for link)
statistics
Statistics Poland have just dropped their annual report and it makes for some interesting reading. do you know where most tourists come from? they do and much more. (click for link)

Featured Expat Business

If you are a foreigner with a business in Poland (co-founder is OK too! ) let us know. We would be happy to highlight your story here.

Have a great month,

Team Digest

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