No. 10/2015. Information Bulletin

Transcription

1 No. 10/2015 Information Bulletin

2 No. 10/2015 Information Bulletin Warsaw 2016

3 Compiled from NBP materials by the Department of Statistics as at December 14, Published by: Narodowy Bank Polski Education and Publishing Department ul. Świętokrzyska 11/ Warszawa, Poland phone: (48) ISSN Copyright Narodowy Bank Polski 2016

4 Contents Chapter 1 Economic developments 5 Chapter 2 Monetary developments 11 Chapter 3 Balance of payments in Poland in October The current and capital account Financial account (net assets) Non-resident investment in Poland (liabilities) Polish investment abroad (assets) 22 Chapter 4 Key decisions of the Monetary Policy Council 23 Chapter 5 Statistical annex Tables Charts Seasonally adjusted time series Methodological notes 82

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6 Chapter 1 Economic developments

7 Chapter 1 Economic developments The Central Statistical Office estimates that in Q the gross domestic product (GDP) has increased by 3.5% y/y compared with 3.3% y/y in Q and 3.3% y/y in Q Economic growth resulted in equal measure from surplus in foreign trade balance as well as increasing dynamics of domestic demand. Domestic demand reported 3.2% y/y increase versus 3.1% y/y in the previous quarter. Impact of this item on the GDP growth stood at 3.1 percentage points. Individual consumption went up by 3.1% y/y and public consumption increased by 2.7% y/y as well. Total consumption contributed to 2.3 percentage points increase in the GDP. In Q gross expenditure against fixed assets increased from 6.1% to 4.6% which contributed to 0.9 percentage points increase in the GDP. Investment rate, measured as ratio of gross expenditure against fixed assets in current process, stood at 19.3% versus 18.9% a year before. In foreign trade growth rate of exports and imports amounted to 3.9% y/y and 3.1% y/y respectively. Consequently, the foreign trade balance contributed to 0.4 percentage point increase in the GDP growth rate. Gross added value in the national economy increased by 3.4% y/y, in industry it stood at a 4.9% y/y. Gross added value in non-industrial sections increased in finance and insurance by 19.3% y/y, construction by 4.4% y/y, information and communication by 3.1% y/y, accommodation and catering 2.4% Δ, 1, trade and repair of motor vehicles by 2.1% y/y, as well as transportation and storage by 1.3% y/y. According to the Central Statistical Office (CSO) data published in October 2015 the growth in industrial output amounted to 2.4% y/y versus 4.1% y/y the month before. Adjusted for seasonal factors the overall industrial output increased by 4.7% y/y when compared with the corresponding month of the previous year. Increase in output was registered in manufacturing (up by 2.9% y/y), gas, electricity and hot water supply Δ (0.3% y/y). Decrease was reported for mining (0.8% y/y). Increase in industrial output, when compared with the corresponding period of the previous year, was reported for 23 (of 34) branches of industry 2 increase in sales was reported for metal products Δ (5.2% y/y), motor vehicles, trailers and semi-trailers Δ (5.2% y/y), furniture (3.8% y/y), rubber and plastics (3.7% y/y), food products (2.4% y/y) as well as machinery and equipment (0.7% y/y). Decrease was reported for other non-metallic mineral products (2.1% y/y). In October 2015, construction and assembly production for enterprises with more than 9 employees was by 5.2 lower when compared with the corresponding period of the previous 1 Δ signifies that the name used is an abbreviated version of the name listed in PKD The symbol had been used only on first appearance of the name. 2 Branches of manufacturing with average employment over 100 thousand persons. 6 Narodowy Bank Polski

8 Economic developments Chart 1.1 Indices of gross domestic product (corresponding period of the previous year = 100) Q Q4 Q1 Q Q3 Q4 Q1 Q Q3 Chart 1.2 Sold production of industry (corresponding period of the previous year = 100) Oct Nov 2014 Dec Jan Feb Mar Apr May June 2015 July Aug Sep Oct Total Mining and quarrying Manufacturing Electricity, gas steam and air conditioning supply Chart 1.3 Sold production of industry prices indices (corresponding period of the previous year = 100) Oct Nov 2014 Dec Jan Feb Mar Apr May June 2015 July Aug Sep Oct Total Manufacturing Mining and quarrying Electricity, gas steam and air conditioning supply Construction and assembly roduction year. In September 2015, the above indicator decreased by 2.5% y/y. Adjusted for seasonal factors the construction and assembly production stood at 2.3% y/y. Information Bulletin 10/2015 7

9 Chapter 1 Chart 1.4 Selected prices of consumer goods and services (corresponding period of the previous year = 100) Oct Nov 2014 Dec Jan Feb Mar Apr May June 2015 July Aug Sep Oct Total Alcoholic beverages and tobacco products Housing Transport Foods and non-alcoholic beverages Clothing and footwear Health care Communication Chart 1.5 Average paid employment in enterprise sector (corresponding period of the previous year = 100) Oct Nov 2014 Dec Jan Feb Mar Apr May June 2015 July Aug Sep Oct Total Mining and quarrying Manufacturing Electricity, gas steam and air conditioning supply Construction In October, the annual PPI indicator decreased by 2.3% y/y versus 2.8% y/y decrease a month before. Decrease in industrial output prices was reported for manufacturing (2.5% y/y) gas electricity and hot water supply (0.1% y/y) and mining (5.9% y/y). According to the CSO data for September , among branches of manufacturing being major employers decrease in prices was reported for other non-metallic mineral products (1.8% y/y), food products (1.7% y/y), metal products (1.5%), motor vehicles, trailer and semi- 3 Total industrial output prices and prices for the three major sections combined: mining and quarrying, manufacturing and electricity, gas and hot water supply are published by the CSO in advance to detailed data on individual sections 8 Narodowy Bank Polski

10 Economic developments Chart 1.6 Registered unemployment persons and unempoyment rate (corresponding period of the previous year = (%) Unemployment rate 80 Oct Nov 2014 Dec Jan Feb Mar Apr May June 2015 July Aug Sep Oct 9.5 Registered unemployment persons Unemployment rate Chart 1.7 Average monthly wages and salaries in enterprise sector (corresponding period of the previous year = 100) Oct Nov 2014 Dec Jan Feb Mar Apr May June 2015 July Aug Sep Oct Total Mining and quarrying Manufacturing Electricity, gas steam and air conditioning supply Construction trailers (0.4% y/y), and furniture (0.3%). Increase in prices was reported for rubber and plastics (0.2% y/y) as well as machinery and equipment (0.9% y/y). In October 2015, construction and assembly production prices decreased by 0.7% y/y versus 0.6% y/y in the previous month. Decrease in the CPI for October was 0.7% versus 0.8% y/y decrease in September Decrease in prices was reported in transportation (10.4% y/y) and footwear and apparel (4.5% y/y). Increase in prices was reported for healthcare (2.6% y/y), alcohol and tobacco (0,9% y/y), food and non-alcoholic beverages (by 0.4% y/y) as well as household maintenance and energy fees (0.4% y/y) and telecommunication services (0.3% y/y). Information Bulletin 10/2015 9

11 Chapter 1 In October 2015, the average employment rate in the enterprise sector stood at 5608 thousand up by 1.1% (63 thousand) when compared with a year before. Increase in employment was reported for manufacturing (2.3% y/y). Decrease in employment was reported for gas electricity and hot water supply (4.3% y/y) as well as in mining (8.2% y/y). In manufacturing an increase in average employment was reported in furniture (5.5% y/y), rubber and plastics (4.8% y/y), machinery and equipment (3.7% y/y), motor vehicles, trailers and semi-trailers (3.4% y/y), metal products (3.0% y/y), as well as food products (0.8% y/y). Average employment was reported in other mineral non-metallic products decreased by 0.1% y/y. In non-industrial sections an increase in employment was reported in administration and support section Δ (5.6% y/y), information and communication (4.1% y/y), transportation and storage (2.4% y/y) as well as trade and repair of motor vehicles (2.1% y/y). Decrease in employment was reported in construction (5.5% y/y) as well as accommodation and catering Δ (5.4% y/y). The number of registered unemployed amounted to thousand, down by thousand (15.0%) when compared with a year ago. The unemployment rate amounted to 9.6% versus 11.3% in the corresponding period of Average monthly gross wages and salaries in the enterprise sector stood at PLN 4111 and thus were 3.3% higher when compared to a year ago. Increase in wages and salaries was reported for manufacturing (3.5% y/y), gas electricity and hot water supply (4.6% y/y) and mining (1.8% y/y). In manufacturing, an increase in average wages and salaries was reported in motor vehicles, trailers and semi-trailers (5.8% y/y), rubber and plastics (3.9% y/y), other non-metallic mineral products (3.4% y/y), machinery and equipment (3.5%), food products (3.5% y/y), metal products (2.8% y/y) as well as furniture (3.6% y/y). In non-industrial sections increase in wages and salaries was noted for administration and support section (4.9% y/y), accommodation and catering (5.6% y/y), construction (4.1% y/y), information and communication section (5.1% y/y), trade and repair of motor vehicles (3.4% y/y) as well as transportation and storage (0.7% y/y). In October 2015 revenues of the national budget stood at the level of PLN 238,9 billion, whereas its expenditure amounted to PLN 273,4 billion. Revenues and expenditure were higher when compared to the corresponding period of the previous year by 1.3% and 3.9% respectively and accounted for 80.4% and 79.6% of budget assumptions for Central budget deficit stood at PLN 34.5 billion versus the assumed annual deficit of PLN 46.1 billion. Inflows from indirect taxes amounted to PLN 155,3 billion and decreased when compared with last year by 1.4%. Inflows from personal income tax increased to PLN 36.2 billion i.e. 4.2%. Inflow from corporate income tax stood at PLN 21.5 billion, up by 12.2% when compared with the previous year. 10 Narodowy Bank Polski

12 Chapter 2 Monetary developments

13 Chapter 2 Monetary developments The Monetary Policy Council during its session on 5 6 October 2015 left basic NBP interest rates at following levels: reference rate 1.50%; lombard rate 2.50%; deposit rate 0.50%; rediscount rate 1.75%; During the October reserve maintenance period 4 the POLONIA index deviation against the reference rate equaled to 15 basis points versus 9 basis points in the previous month. Short-term liquidity of the banking sector measured as a total of the NBP main operations, fine-tuning operations and standing facilities stood at PLN 85,3 billion, up by PLN 4.4 billion when compared with the pervious reserve maintenance period. Average open market operations amounted to PLN 85.3 billion (versus PLN 81.4 billion in the previous month), of which main operations stood at PLN 83.9 billion. Throughout the reserve maintenance period the average daily recourse to the deposit facility totaled PLN 596 million (versus PLN 92 million in the previous period). In October 2015 average interest rates on zloty denominated loans to non-financial corporations 5 went up from 3.5% to 3.6%. Interest rates on loans to sole proprietorships remained at 5.5%. As regards zloty denominated loans to households interest rates for loans for house purchases remained at 4.4%, while interest rates for loans for consumption went up from 8.1% to 8.3%. Interest rates on deposits of households went up from 1.7% to 1.8% and deposits of nonfinancial corporations remained at 1.5%. In October 2015, the value of M3 increased by PLN 15.2 billion (1.4%) and stood at PLN billion. Its annual growth rate increased by 0.8% and stood at 9.1% y/y. The value of monthly transactions amounted to PLN 14.2 billion 6. 4 Reserve maintenance period in question refers to the period from to Interest rates on loans and deposits refer to new business. For further information regarding the calculation of average interest rates on loans and deposits refer to the NBP website at aspx?f=en/statystyka/oproc/mir_new/mir_new.html. 6 Monthly transactions are calculated as the difference in outstanding amounts between two subsequent reporting months adjusted for changes arising from non-transactions, i.e. exchange rate changes, revaluations, reclassifications and other adjustments such as errors in data reported by banks. The methodology for the compilation of transactions is described in m3/statystyka-transakcji-metodyka_en.pdf. 12 Narodowy Bank Polski

14 Monetary developments Chart 2.1 Interest rates on the inter bank versus basic interest rates of the NBP % POLONIA Reference rate WIBOR ON Lombard rate WIBOR 3M NBP deposit rate Chart 2.2 Average MFI deposit interest rates on new bussines, PLN denominated 3.0 % Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July 2015 Aug Sep Oct Non-financial corporations Households Components of the M1 aggregate with high liquidity went up by 1.0 percentage points to 14.4% y/y when compared with the previous month. Other components of broad money increased by 0.6 percentage points and stood at 2.5% y/y. In October 2015 currency in circulation increased by PLN 3.0 billion (2.1%) and stood at PLN billion. Its annual growth rate increased by 1.0 percentage points and amounted to 16.1% y/y. M3 liquidity measured as the share of currency in circulation and overnight deposits in M3 went down by 0.7 percentage point and stood at 58.5%. M1 liquidity measured as the share of currency in circulation in M1 went up by 0.4 percentage points and stood at 22.2%. Information Bulletin 10/

15 share Chapter 2 Chart 2.3 Average MFI loan interest rates on new business, PLN denominated % Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July 2015 Aug Sep Oct Households (loans for consumption) Households (loans for house purchases) Non-financial corporations Chart 2.4 Share of currency in circulation and overnight deposits of domestic residents in M3, M1 and M3-M1 growth (corresponding period of the previous year = 100) 120 % growth Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct M3 M1 M1 Share of currency in circulation and overnight deposits in M3 Deposits and other liabilities included in M3 increased in October 2015 by 10.0 billion (1.1%) and reached the level of PLN billion. Monthly transactions increased by 0.3 percentage points and stood at 8.5%. Increase was reported in deposits of households (PLN 6.2 billion; 1.0%), non-monetary financial institutions (by PLN 4.0 billion, i.e. 8.5%), social security funds (by 0.8 billion, i.e. 31.4%). Decrease was reported in deposits of non-financial corporations (PLN 0.6 billion; 0.3%),and local government (PLN 0.4 billion, 1.3%). Deposits of non-profit institutions serving households remained at the level reported in the previous month. Among counterparts to M3, increase in credit to central government by PLN 13.1 billion, i.e. 1.3%, in external assets net by PLN 9.9 billion (5.6%) and credit to domestic sectors by PLN 14 Narodowy Bank Polski

16 Monetary developments Chart 2.5 Share of currency in circulation in M1 % Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Chart 2.6 Deposits and other liabilities of MFIs to non-financial corporations and households included in M3 (corresponding period of the previous year = 100) Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Non-financial corporations Households Chart 2.7 MFI loans and other claims on non-financial corporations and households (corresponding period of the previous year = 100) Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Non-financial corporations Households Information Bulletin 10/

17 Chapter 2 Chart 2.8 Bank loans to households (corresponding period of the previous year = 100) Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July 2015 Aug Sep Oct Total Loans for house purchases Loans for consumption Chart 2.9 Bank loans to non-financial corporations (corresponding period of the previous year = 100) Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July 2015 Aug Sep Oct Total Over 1 year up to 5 years Up to 1 year (including current accounts) Over 5 years 2.8 billion i.e. 0.3% 7 contributed to a growth in money supply. Increase in long term loans 8 against capital and reserves by PLN 8.8 billion (2.5%) negatively contributed to money supply. MFI 9 credit to non-financial corporations increased by PLN 1.3 billion (0.4%) and reached PLN billion. The value of monthly transactions amounted to PLN 0.6 billion. The annual growth rate in credit to non-financial corporations increased by 0.9 percentage points to 8.1%. 7 The category credit comprises loans, holdings of debt and equity securities, and other receivables, e.g. debt purchased, guarantees and warrantees. Domestic sectors include non-monetary financial institutions, non-financial corporations, non-profit institutions serving households, local government and social security funds. 8 Long term loans comprise deposits and other liabilities with maturity over 2 years MFI securities issued with maturity over 2 years as well as capital and reserves. 9 Except credit against securities issued. 16 Narodowy Bank Polski

18 Monetary developments Chart 2.10 Share of monetary aggregates and MFI loans and other claims on other domestic residents in GDP % Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Q3 M1/GDP M3/GDP Loans/GDP Loans with maturity up to one year (including overdrafts) went up by 6.8% and loans with maturity from 1 up to 5 years increased by 9.2% while loans with maturity over 5 years went up by 8.4%. MFI credit to households increased in October 2015 by PLN 3.7 billion i.e. 0.6% and stood at PLN billion. Monthly transactions amounted to PLN 1.7 billion. Annual growth of credit to households increased by 0.3 percentage points and stood at 6.4%. Growth of housing loans stood at 6.7% y/y. The growth in consumer loans stood at 5.2% y/y. According to data for Q3 2015, the monetization of national economy increased. The M1 to GDP ratio increased by 0.7 percentage points and stood at 37.2%, and the M3 to GDP ratio by 1.1 percentage points and stood at 62.8%. In October 2015, the nominal exchange rate of the zloty 10 depreciated by 0.6% against EUR, 2.6% against USD, 1.2% against CHF and 3.7% against GBP. 10 Exchange rate changes between end-september 2014 and end-october 2015 are calculated as the difference between end-month average exchange rates quoted by the NBP Information Bulletin 10/

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20 Chapter 3 Balance of payments in Poland in October 2015

21 Chapter 3 Balance of Payments in Poland in October 2015 Components of monthly bop are estimated based on monthly and quarterly information reported by residents involved in transactions with non-residents, public statistics surveys as well as administrative data sources. This version of bop is preliminary and may be subject to further revisions. 3.1 The Current and Capital Account Current account balance in October 2015 was negative and amounted to PLN 0.5 billion. The negative balance of the current account has been influenced by: negative balance on primary income (PLN 5.3 billion), secondary income balance (PLN 0.4 billion), as well as positive balance of services (PLN 3.1 billion) and trade in goods (PLN 2.1 billion). In the corresponding period of the previous year current account balance was also negative and stood at PLN 1.3 billion. Total balance of current and capital account was positive and amounted to PLN 0.9 billion. In October 2015 exports of goods was estimated at PLN 65.2 billion while imports was estimated at PLN 63.1 billion. Exports were higher by PLN 2.5 billion i.e. 4.0% and imports decreased by PLN 1.2 billion i.e. 1.8% when compared with the corresponding period of the previous year. Positive trade in goods balance stood at PLN 2.1 billion, while in October 2014 it was negative and amounted to PLN 1.6 billion. Exports of services was estimated at PLN 13.6 billion up by 0.6 billion, i.e. 4.5% when compared with October Debits stood at PLN 10.5 billion which means an increase by PLN 0.7 billion, i.e. 6.8% when compared with the corresponding period of the previous year. Positive balance of services stood at PLN 3.1 billion and was influenced by positive balance on transportation (PLN 1.6 billion) and other services (PLN 1.5 billion) as well as negative balance on travel. In October 2015, the primary income balance was negative and amounted to PLN 5.3 billion. In the corresponding period of 2014 this balance, also negative, stood at PLN 2.8 billion. Negative balance of primary income comprised: negative balance on investment income (PLN 5.3 billion) and other primary income (PLN 0.2 billion) as well as positive balance of compensation of employees (PLN 0.2 billion). Negative balance of investment income, was driven by foreign direct investors income on their capital involvement in Polish companies amounting to PLN 4.4 billion (of which: reinvested earnings PLN 3.2 billion, dividends amounting to PLN 0.4 billion and interest on debt instruments PLN 0.8 billion). Negative balance of income on investment was also influenced by non-residents income from portfolio investment (PLN 1.4 billion) as well as interest due to other debt instruments reported in other investment (PLN 0.7 billion), mostly due to loans received by Polish entities. Capital account registered an PLN 1.5 billion inflow of funds from the EU. After deducting the membership premium paid, the EU transfer balance was slightly on the positive side (PLN 0.2 billion) 20 Narodowy Bank Polski

22 Balance of Payments in Poland in October 2015 Balance of payments (mn PLN) Cummulated data b October September a a November 2013 October October 2014 November 2014 October 2015 a Current account Balance on goods Goods: exports Goods: imports Balance on Services Services: Credit Services: Debit Balance on Primary Income Primary income: credit Primary income: debit Balance on Secondary Income Secondary income: credit Secondary income: debit Capital account Capital account: credit Capital account: debit Financial account Direct investment assets Equity and investment fund shares Debt instruments Direct investment liabilities Equity and investment fund shares Debt instruments Portfolio investment assets Equity securities Debt securities Portfolio investment liabilities Equity securities Debt securities Other investment assets Monetary authorities General government MFIs Other sectors Other investment liabilities Monetary authorities General government MFIs Other sectors Financial derivatives Official reserve assets Net Errors and Omissions a Preliminary data. b Cumulated data presented as 12-month moving data. 3.2 Financial Account (net assets) In October 2015, balance on financial account (Polish investment abroad minus non-resident investment in Poland) was positive and amounted to PLN 0.8 billion, which translates into an outflow of capital from Poland. Inflow was reported for capital withdrawn from abroad by residents (decrease in assets) in the amount of PLN 5.3 billion. At the same time nonresidents decreased their investment in Poland (decrease in liabilities outflow of capital) by PLN 6.1 billion. Information Bulletin 10/

23 Chapter Non-resident investment in Poland (liabilities) In October 2015 non-residents investment went down by PLN 6.1 billion (decrease in liabilities) as a result of outflow of capital against portfolio investment. Resident s liabilities against direct investment increased by PLN 4.7 billion. This balance was influenced by an increase in liabilities against shares and other equity (up by PLN 2.4 billion), of which positive reinvested earnings stood at PLN 3.2 billion and decrease in liabilities against capital shares amounted to PLN 0.7 billion. Debt instruments increased by PLN 2.3 billion (inflow of capital). Balance on portfolio investment was negative and stood at PLN 10.7 billion. Outflow of capital against non-resident investment in equity securities of Polish enterprises amounted to PLN 9.4 billion. Negative balance of debt securities (PLN 1.3 billion) resulted mostly from outflow of capital against Treasury bonds issued on domestic market (PLN 4.7 billion) as well as redemption of government bonds denominated in USD and issued on external markets (USD 0.8 billion = PLN 2.9 billion). This outflow was not offset with inflow of capital against government bonds denominated in EUR issued on external markets (EUR 1.8 billion = PLN 7.4 billion). Balance of other non-resident investment in Poland was negative and stood at PLN 0.1 billion. This item has been mostly influenced by decrease in liabilities of NBP by PLN 2.8 billion (mostly due to repo transactions) and the banking sector by PLN 0.6 billion (mainly in form loans received). At the same time the government sector increased its liabilities by PLN 2.2 billion (loan received from EIB) and liabilities of the non-financial corporations sector went up by PLN 1.2 billion (trade credits received). 3.4 Polish investment abroad (assets) In October 2015, balance on Polish investment abroad was negative (decrease in assets) and stood at PLN 5.3 billion. Positive balance of direct investment abroad amounted to PLN 2.6 billion. Residents increased their external assets on debt instruments by PLN 2.7 billion. Decrease in assets against shares and other equity amounted to PLN 0.1 billion. Residents have decreased their assets under portfolio investment of PLN 8.9 billion, most of those were investments in equity securities (PLN 7.2 billion decrease in assets) and in debt securities (PLN 1.7 billion decrease in assets). Positive balance of other investment (increase in assets) amounted to PLN 2.9 billion. The banking sector reported PLN 1.6 billion increase in external assets (mainly currency and deposits with foreign banks) and non-financial corporations increased their assets by PLN 1.2 billion (currency and deposits and trade credits). NBP s own transactions and NBP client transactions resulted in decrease in the value of reserve assets by PLN 1.4 billion. Official reserve assets at the end of October 2015 amounted to PLN billion. 22 Narodowy Bank Polski

24 Chapter 4 Key decisions of the Monetary Policy Council

25 Chapter 4 Key decisions of the Monetary Policy Council Resolution of the Monetary Policy Council 1/DRF/2015 dated 7 July 2015 on selecting an auditor for NBP annual financial report for fiscal years 2015 and Narodowy Bank Polski

26 Chapter 5 Statistical annex

27 Chapter Tables Table Basic statistical data current prices Industrial output Construction output Consumer price index Producer price index the same month previous year = 100 constant prices previous month = 100 current prices the same month previous year = 100 constant prices 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 PLN million % % PLN million % % % % % % % Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Narodowy Bank Polski

28 Statistical annex. Tables Table Basic statistical data (cont d) Construction price index the same month previous previous month year = 100 = 100 Number of employed, corporate sector total Average employment, corporate sector total Number of unemployed Unemployment rate Average monthly employee earnings, gross, corporate sector National Budget revenue & expenditure revenue expenditure financial surplus/ deficit and net foreign lending/ borrowing % % thousands thousands thousands % zloty PLN million PLN million PLN million Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Information Bulletin 10/

29 Chapter 5 Table Basic statistical data (cont d) total revenues of which: sales of goods & services operating costs total of which: cost of sales pre-tax profit/loss Corporate financial performance statutory deductions net profit/loss cost to sales ratio net margin quick liquidity ratio total current assets accounts receivable and associated claims accounts payable PLN million PLN million PLN million PLN million PLN million PLN million PLN million % % % PLN million PLN million PLN million Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Narodowy Bank Polski

30 Statistical annex. Tables Table Financial market basic information reference rate lombard rate NBP interest rates deposit rate rediscount rate discount rate reserve requirement ratio on zloty deposits Reserve requirement reserve requirement ratio on foreign currency deposits (zloty equivalent) reserve requirement ratio on repo operations demand time demand time interest on reserve requirement total required reserves held % % % % % % % % % % % PLN million Dec a Jan a Feb a Mar a Apr a May a June a July a Aug a Sep a Oct a Nov a Dec a Jan a Feb a Mar a Apr a May a June a July a Aug a Sep a Oct a Nov a Dec a Jan a Feb a Mar a Apr a May a June a July a Aug a Sep a Oct a Nov a Dec a Jan a Feb a Mar a Apr a May a June a July a Aug a Sep a Oct a a Rediscount rate as from 9 October 2014 NBP reference rate. Information Bulletin 10/

31 Chapter 5 Table Financial market basic information (cont d) Treasury bill tenders number of tenders during month face value of bills offered for sale demand declared by bidders (at face value) face value of bills sold yield on bills purchased, weighted average bills outstanding from tender sales at month end (purchase prices) PLN million PLN million PLN million % PLN million Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Narodowy Bank Polski

32 Statistical annex. Tables Table Financial market basic information (cont d) Tenders for NBP money-market bills number of tenders during month face value of bills offered for sale demand declared by bidders (at face value) face value of bills sold yield on bills purchased, weighted average bills outstanding from tender sales at month end (purchase prices) PLN million PLN million PLN million % PLN million Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Information Bulletin 10/

33 Chapter 5 Table Financial market basic information (cont d) number of companies at month end capitalisation at month end P/E ratio at month end Warsaw Stock Exchange Index (WIG) at month end Data on trading sessions of Warsaw Stock Exchange WIG monthly average mwig40 at month end mwig40 monthly average swig80 at month end swig80 monthly average monthly turnover turnover ratio PLN million PLN million % Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Narodowy Bank Polski