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Weakening of Polish zloty to compensate for further slowdown in exports


Given the noticeable worsening of economic conditions in the eurozone (where more than half of Polish exports are directed), one should expect further slowdown in the export growth rate in the coming months. On the other hand, the recent weakening of the zloty should improve the competitiveness of Polish goods on foreign markets, partly compensating for the impact of the economic downturn. According to our forecasts, in 2008 exports will rise by 13.2%, and imports by 16.3%. Consequently, the foreign trade deficit will deepen to €24.7bn, i.e. 6.6% of GDP.

Paweł Sionko
Construction Market Analyst, PMR

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