Information Bulletin 11/2012

Information Bulletin 11/2012 Warsaw, 2013

Compiled from NBP materials by the Department of Statistics as at January 18, 2013. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop Published by: National Bank of Poland Education and Publishing Department ul. Świętokrzyska 11/21, 00 919 Warszawa, Poland phone: (48) 22 63 233, fax: (48) 22 63 1321 www.nbp.pl Copyright by the National Bank of Poland, 2013 ISSN 1230 0020

Contents 1 Economic developments... 4 2 Monetary Developments... 8 3 Balance of Payments in Poland November 2012... 13 3.1 Balance on Current and Capital Account...13 3.2 Balance of EU Transfers...13 3.3 Non-resident investment in Poland...14 3.4 Polish investment abroad...14 3. Official Reserve Assets...14 4 Key decisions of the Monetary Policy Council... 16 Statistical annex... 17.1 Tables....18.2 Charts...9.3 Seasonally adjusted time series....64.4 Methodological notes...73 3

Economic developments 1 1 Economic developments According to the Central Statistical Office (CSO) published in November 2012 the industrial output amounted to 0.8% y/y versus 4.6% y/y increase a month before. Adjusted for seasonal factors the overall industrial output decreased by 1.9% y/y. Decrease in industrial output prices was reported for manufacturing (1.1% y/y) and mining (1.1%). Increase was reported in gas electricity and hot water supply (1.4% y/y). A decrease in industrial output, when compared with the corresponding period of the previous year, was reported for 12 (of 34) branches of industry (1),inter alia furniture (9.6% y/y), other nonmetallic mineral products (8% y/y), food products (up by 8.8% y/y), vehicles, trailers and semi-trailers (7.9% y/y), as well as rubber and plastics (3.7% y/y). Increase was reported for food products (up by 3.% y/y), metal products (1.9 % y/y) as well as machinery and equipment (0.4% y/y). In November 2012, construction and assembly production for enterprises with more than 9 employees was by.3% lower when compared with the corresponding period of the previous year. In October 2012, the above indicator stood at -3.6% y/y. Adjusted for seasonal factors the construction and assembly production decreased by 10.7% y/y. In November 2012, the annual PPI indicator equaled to -0.1%, versus 1% reported a month earlier. Decrease in industrial output prices was reported for manufacturing (0.7% y/y), and in mining (3.6% y/y). An increase in industrial output prices was reported for gas electricity and hot water supply (.8% y/y). According to the CSO for October 2012 (2), among branches of manufacturing being major employers a decrease in prices was reported for other non-metallic mineral products (2% y/y), metal products (1.% y/y) as well as motor vehicles, trailers and semi-trailers (1.1% y/y). Increase in prices, on the other hand, was reported for food products (3% y/y), rubber and plastics (1% y/y), furniture (0.9% y/y) and machinery and equipment (0.3% y/y). In November 2012, construction and assembly production prices decreased by 1.1% y/y, while in October 2012 they went down by 0.9% y/y. Increase in the CPI for October 2012 was 2.8% versus 3.4% y/y in the previous month. An increase was reported for housing maintenance and energy sources (4.8% y/y), food and non-alcoholic beverages (by 3.6% y/y), transportation (3.1% y/y), healthcare (1.3% y/y) and communication services (0.1% y/y). A decline in prices occurred for clothing and footwear (4.8% y/y). In November 2012, the average employment rate in the enterprise sector stood at 497 thousand down by 0.3% (18 thousand) when compared with a year before. Decrease in industrial output prices was reported for manufacturing (0.8% y/y), and in gas electricity and hot water supply (6.3% y/y). Increase was reported in mining (0.2% y/y). Among branches of manufacturing with high employment, a decrease thereof was reported for in furniture (4.8% y/y), food products (2.7% y/y), other non-metallic mineral products (0.1% y/y) and machinery and equipment (0.1% y/y). Increase in employment was reported in motor vehicles, trailers and semi-trailers (3% y/y), metal products (2.9% y/y) as well as rubber and plastics (1.2% y/y). (1) Branches of manufacturing with average employment over 100 thousand persons. (2) 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 on individual sections. 4 N a t i o n a l B a n k o f P o l a n d

Economic developments In non-industrial sections a decrease in employment was noted for accommodation and catering (6.4% y/y), construction (1.4% y/y) as well as in administrative and support service activities (0.2% y/y). Increase in employment was reported in information and communication (3.7% y/y) and transportation and storage (2.1% y/y). Employment in trade and repair of motor vehicles section did not change when compared with the corresponding period of the previous year. 1 Chart 1.1 Indices of gross domestic product (corresponding period of the previous year = 100) 10 104 103 102 101 100 Q3 2010 Q4 Q1 Q2 2011 Q3 Q4 Q1 Q2 2012 Q3 Chart 1.2 Sold production of industry (corresponding period of the previous year = 100) 11 110 10 100 9 90 8 2011 2012 Manufacturing Mining and guarrying Electricity, gas and water supply Chart 1.3 Sold production of industry prices indices (corresponding period of the previous year = 100) 11 110 10 100 9 2011 2012 Manufacturing Construction and assembly roduction Mining and guarrying Electricity, gas and water supply Information Bulletin 11/2012

Economic developments 1 Chart 1.4 Selected prices of consumer goods and services (corresponding period of the previous year = 100) 11 110 10 100 9 90 2011 2012 Alcoholic beverages and tobacco products Housing Transport Foods and non-alcoholic beverages Clothing and footwear Health care Communication Chart 1. Average paid employment in enterprise sector (corresponding period of the previous year = 100) 110 10 100 9 90 2011 2012 Mining and guarrying Manufacturing Electricity, gas and water supply Construction Chart 1.6 Registered unemployment persons (corresponding period of the previous year = 100) and unempoyment rate 108 Unemployment rate (%) 13. 106 13.0 104 102 12. 100 12.0 2011 2012 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

Economic developments Chart 1.7 Average monthly wages and salaries in enterprise sector (corresponding period of the previous year = 100) 140 1 130 120 110 100 90 80 2011 2012 Mining and guarrying Manufacturing The number of registered unemployed amounted to 208.1 thousand, up by 143.2 thousand (7.%) when compared with a year ago. The unemployment rate amounted to 12.9%, up by 0.8 percentage points when compared with the corresponding period of 2011. Average monthly gross wages and salaries in the enterprise sector stood at PLN 3 780.6 and thus were 2.7% higher when compared to a year ago. An increase in wages and salaries was reported for manufacturing (3.4% y/y), gas electricity and hot water supply (4.1% y/y) as well as in mining (7.7% y/y). Among branches of manufacturing with high employment, an increase thereof was reported for machinery and equipment (.6% y/y), metal products (4.2% y/y), furniture (4.1% y/y), rubber and plastics (3.6% y/y), other non-metallic mineral products (2% y/y) as well as food products (1.7% y/y). Decrease in wages and salaries was reported for motor vehicles, trailers and semi-trailers (3.8% y/y). In non-industrial sections, an increase in average wages and salaries was reported in administrative and support service activities (6.6% y/y), accommodation and catering (3.2% y/y), transportation and storage (2.8% y/y), trade and repair of motor vehicles (2.1% y/y) as well as information and communication (0.4% y/y). Decrease in wages and salaries occurred in construction (0.8% y/y). January-November 2012 brought revenues of the national budget at the level of PLN 263 billion, whereas its expenditure amounted to PLN 293.4 billion. The above amounts were higher by 3.1% and 6.1%, respectively, when compared with the corresponding period of the previous year, and accounted for 89.% and 89.2% of the budget assumptions for 2012. Central budget deficit stood at PLN 30.4 billion versus the assumed annual deficit of PLN 3 billion Inflows from indirect taxes decreased when compared with last year by 0.4%. Inflows from corporate income tax and personal income tax also went up by 6.6% and.%, respectively Information Bulletin 11/2012 7

Monetary developments 2 2 Monetary Developments The Monetary Policy Council during its session on 6-7 November 2012 decreased basic NBP interest rates by 0.2 percentage points to the following levels: reference rate 4.%; lombard rate 6 %; deposit rate 3%; rediscount rate 4.7%. During the November reserve maintenance period (3) the POLONIA index deviation against the reference rate equaled to 8 basis points versus 22 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 108.8 billion, up by PLN 4.1 billion when compared with the pervious reserve maintenance period. Average open market operations amounted to PLN 108.6 billion (versus PLN 104.4 billion in the previous month), of which main operations stood at PLN 108.3 billion. Throughout the November reserve maintenance period the average daily recourse to the deposit facility totaled PLN 129 million (versus PLN 283 million in the previous period). In October 2012, average interest rates on zloty denominated loans to non-financial corporations went down from 6.8% to 6.7% (4). Interest rates on loans to sole proprietors went down from 9.2% to 8.9%. As regards zloty denominated loans to households interest rates for loans for house purchases went down from 7% to 6.9%, while interest rates for loans for consumption decreased from 16.7% to 16.6%. Interest rates on deposits of non-financial corporations decreased from 4.% to 4.3% while deposits of households went down from 4.8% to 4.%. In November 2012, the value of M3 decreased by PLN 0.6 billion (0.1%) and stood at PLN 901.8 billion Its annual growth rate decreased by 2.3 percentage points and amounted at.7% y/y. The value of monthly transactions amounted to PLN -0.1 billion (). Components of the M1 aggregate with high liquidity went down by 1. percentage points to 0.9% y/y when compared with the previous month. Other components of broad money went down by 3.2 percentage points and stood at 11.1% y/y. The value of currency in circulation decreased in November 2012 by PLN 1 billion (0.9%) and stood at PLN 101.7 billion. Its annual growth rate decreased by 0.9 percentage points and amounted at 2.3% y/y. (3) Reserve maintenance period in question refers to the period from 31 October 2012 through 30 November 2012. (4) 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 http://www.nbp.pl/homen.aspx?f=en/statystyka/ oproc/mir_new/mir_new.html. () 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 reported by banks. The methodology for the compilation of transactions is described in http://www.nbp.pl/en/statystyka/m3/statystyka-transakcji-metodyka_en.pdf. 8 N a t i o n a l B a n k o f P o l a n d

Monetary developments Chart 2.1 Interest rates on the inter bank versus basic interest rates of the NBP % 6. 6.0..0 4. 4.0 2 3. 3.0 2. 31.10.2012 02.11.2012 0.11.2012 06.11.2012 07.11.2012 08.11.2012 09.11.2012 12.11.2012 13.11.2012 14.11.2012 1.11.2012 16.11.2012 19.11.2012 20.11.2012 21.11.2012 22.11.2012 23.11.2012 26.11.2012 27.11.2012 28.11.2012 29.11.2012 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.0 % 4. 4.0 3. 3.0 2. 2010 2011 2012 Non-financial corporations Households Chart 2.3 Average MFI loan interest rates on new business, PLN denominated % 17 1 13 11 9 7 2010 2011 2012 Households (loans for consumption) Households (loans for house purchases) Non-financial corporations M3 liquidity measured as the share of currency in circulation and overnight deposits in M3 went down by 0. percentage points and stood at 0.7%. Information Bulletin 11/2012 9

Monetary developments 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) growth share % 130 8 2 120 110 6 4 100 2 90 0 2010 2011 2012 M3 M1 M1 Share of currency in circulation and overnight deposits in M3 Chart 2. Share of currency in circulation in M1 % 23.0 22. 22.0 21. 21.0 20. 20.0 2010 2011 2012 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) 11 110 10 100 9 90 2010 2011 2012 Non-financial corporations Households M1 liquidity measured as the share of currency in circulation in M1 decreased by 0.4 percentage point up to 22.2%. Deposits and other liabilities included in M3 increased in November 2012 by 4 billion (0.%) and reached the level of PLN 780.4 billion. Its annual growth rate decreased by 2.3 percentage points and amounted at.8% y/y. 10 N a t i o n a l B a n k o f P o l a n d

Monetary developments Chart 2.7 MFI loans and other claims on non-financial corporations and households (corresponding period of the previous year = 100) 120 11 110 10 100 2 9 90 2010 2011 2012 Non-financial corporations Households Chart 2.8 Bank loans to households (corresponding period of the previous year = 100) 130 120 110 100 90 2010 2011 2012 Loans for house purchases Loans for consumption Increase was reported for deposits of households (up by PLN 3.8 billion, 0.8%), non-financial corporations (PLN 0.8 billion, 0.4%) and local government (PLN 0.4 billion, 1.4%). Decrease was reported in deposits of social security funds (PLN 0.7 billion, i.e. 30.2%) and non-profit institutions serving households (by 0.2 billion, i.e. 1.3%). Deposits of non-monetary financial institutions remained at the level of the previous month. Among counterparts to M3, net external assets went up by PLN 7.1 billion, i.e. 4.3%, to the level of PLN 174.7 billion. Decrease in net credit to central government by PLN 4.7 billion,.3%, to the level of PLN 83. billion and decrease in credit to domestic sectors (6) by PLN 1.7 billion (0.2%) and stood at PLN 910.9 billion negatively affected the money supply. In October 2012, MFI credit to non-financial corporations increased by PLN 0.4 billion (0.1%) and reached PLN 261.2 billion (7). The value of monthly transactions amounted to PLN 0.8 billion. The annual growth rate in credit to non-financial corporations decreased by 3.6 percentage points to 2.8%. Loans with maturity up to 1 year, including overdrafts, went up by 1.1% y/y (0.7percentage points decrease in the annual growth rate), and loans with maturity from 1 year up to years by (6) 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. (7) The number does not include MFI holdings of debt and equity securities issued by non-financial corporations. Information Bulletin 11/2012 11

Monetary developments Chart 2.9 Bank loans to non-financial corporations (corresponding period of the previous year = 100) 130 120 2 110 100 90 80 2010 2011 2012 Over 1 year up to years Up to 1 year (including current accounts) Over years Chart 2.10 Share of monetary aggregates and MFI loans and other claims on other domestic residents in GDP % 60 0 4 40 3 30 2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2010 2011 2012 Q3 M1/GDP M3/GDP Loans/GDP 1.8% y/y (2.8 percentage points decrease in the annual growth rate). Loans with maturity over years increased by 4.7% y/y (6.4 percentage points decrease in the annual growth rate). MFI credit to households increased in November 2012 by PLN 0.2 billion (0.03%) and stood at PLN 40 billion. The value of monthly transactions amounted to PLN 1.4 billion. The annual growth rate in credit to households decreased by 2.1 percentage points down to 0.2%. The growth rate in housing loans was 0.4% y/y (3.2 percentage points decrease in the annual growth rate), while the growth rate in consumer loans was negative and stood at -.4% y/y versus -4.8% y/y in October 2012. According to for Q3 2012, the monetization of national economy decreased. The M1 to GDP ratio decreased by 0.7 percentage points and stood at 28.9%, and the M3 to GDP ratio decreased by 0.1 percentage points and stood at 6.4%. the credit to domestic sectors to GDP ratio went down by 0.4 percentage points and stood at.3% y/y. In November 2012, the nominal exchange rate of the zloty (8) appreciated by 0.7% against EUR, by 0.7% against USD, by 0.% against CHF and 1.3% in relation to GBP (8) Exchange rate changes between October 2012 and November 2012 are calculated as the difference between endmonth average exchange rates quoted by the NBP. 12 N a t i o n a l B a n k o f P o l a n d

Balance of Payments in Poland November 2012 3 Balance of Payments in Poland November 2012 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 sources. This version of bop is preliminary and may be subject to further revisions. 3 3.1 Balance on Current and Capital Account Current account deficit in November 2012 amounted to EUR 1.490 million. The negative balance of the current account has been influenced by: negative balance of income (EUR 1.29 million) and trade in goods (EUR 394 million) as well as positive balance of services (EUR 381 million), and current transfers (EUR 2 million). In the corresponding period of the previous year this balance was also in deficit and stood at EUR 1.294 million. Increased deficit in current account has been greatly influenced by increase in balance on income deficit as well as decline in the positive balance on current transfers. balance of current and capital account was negative and amounted to EUR 46 million. In November 2012 exports was estimated at EUR 13.023 million and imports at EUR 13.417 million. When compared with for November 2011, exports in goods increased by EUR 946 million i.e. 7.8% and imports went up by EUR 68 million i.e. 4.2%. Negative balance on trade in goods stood at EUR 394 million, while in November 2011 it was also negative and amounted to EUR 772 million. Credits on services increased when compared with November 2011 by EUR 294 million i.e. 12.% and stood at EUR 2.639 million. Debits increased by EUR 171 million i.e. 8.2% and stood at EUR 2.28 million. Positive balance of services (standing at EUR 381 million) comprised: positive balance of transportation (EUR 297 million), travel (EUR 183 million), and negative balance on other services (EUR 99 million). In November 2012, the balance of income was negative and amounted to EUR 1.29 million. In the corresponding period of 2011 this balance was also negative and stood at EUR 1.184 million. In November 2012, balance of income comprised: positive balance of compensation of employees (EUR 141 million) and negative balance of investment income (EUR 1.670 million). The negative balance of investment income was primarily driven by foreign direct investors income on their capital involvement in Polish companies amounting to EUR 1.140 million (including: positive reinvested earnings EUR 781 million, dividends EUR 167 million and interest on financial debt instruments - EUR 192 million ). Negative balance of income was also influenced by non-residents income on portfolio investment in securities (EUR 604 million) as well as interest received by Polish entities (EUR 191 million). 3.2 Balance of EU Transfers In November 2012, the balance of EU transfers was positive and amounted to EUR 787 million. When compared with the previous year current transfers decreased by EUR 383 million (mostly owing to lower inflow of direct subsidies within European Social Fund) and stood at EUR 72 million. Inflow of funds in capital transfers went up by EUR 783 million to EUR 938 million. Membership premiums paid to the EU budget amounted to EUR 223 million. Information Bulletin 11/2012 13

Balance of Payments in Monetary Poland November Developments 2012 3.3 Non-resident investment in Poland Balance of foreign investment in Poland was positive and amounted to EUR 3.403 million. This balance was determined mostly by net inflow of capital against portfolio and direct investments. Balance of foreign direct investment was positive and amounted to EUR 1.7 million. This balance comprised: net inflow of equity capital to Polish direct investment enterprises (EUR 2 million), positive reinvested earnings (EUR 781 million) and net inflow of debt instruments (EUR 224 million). 3 Balance on direct investment has been significantly influenced by a single transaction as a result of which an inflow of funds against increase in equity capital of Polish enterprise and loan received by that enterprise from its direct investor was reported. Thereafter these funds has been transferred out of Poland vis-à-vis purchase of shares of a non-resident enterprise. As a result of this transaction large amounts have been recorded as inflow of non-resident investment (loan and increase in equity) and as outflow of non-resident investment (purchase of shares). The amounts of abovementioned operations were the same, therefore total balance on non-resident investment has not changed, as if the transaction had not taken place. Balance of foreign portfolio investment in Poland was positive and amounted to EUR 1.767 million. It has been influenced by non-resident investment in Treasury bonds issued on external markets. Net inflow of capital vis-à-vis Treasury bonds issued on external markets amounted to EUR 1.363 million. In November 2012 non-resident investment in Treasury bonds issued on domestic market stood at EUR 392 million net. Polish external liabilities in other investment increased by EUR 79 million. This item has been mostly influenced by a decrease in liabilities of central and general government as well as banking sector which has been offset with increase in liabilities of the enterprise sector and the NBP. Liabilities of the enterprise sector went up by EUR 191 million, mostly due to decrease in liabilities against trade loans). Liabilities of the NBP went up by EUR 1 million. Liabilities of the central government decreased by EUR 110 million (repayment of loans received) and liabilities of the banking sector decreased by EUR 3 million (decrease in non- resident deposits placed with Polish banks). 3.4 Polish investment abroad Polish investment abroad increased by EUR 1.896 million. This balance has been decisively influenced by direct investment and other investment. Polish direct investment abroad increased (due to net outflow of capital) and stood at EUR 1.299 million. The above-described single transaction has also had a significant impact on Polish investment abroad. Other Polish investment abroad were higher by EUR 638 million (net outflow of capital). This increase resulted mainly from higher assets of the banking system i- up by EUR 79 million (increase in deposits placed with banks abroad). 3. Official Reserve Assets The NBP s own transactions and NBP client transactions contributed to an increase in the value of reserve assets by EUR 1.270 million. Valuation adjustments and exchange rate fluctuations led to a decrease in this item (by EUR 40 million). Official reserve assets as at the end of November 2012 amounted to EUR 82.711 million. 14 N a t i o n a l B a n k o f P o l a n d

Balance of Payments in Poland November 2012 Balance of payments (EUR mln) Specification 2011 2012 Cummulated (2) November October (1) November (1) Dec 2010 Nov 2011 Dec 2011 Nov 2012 (1) A Current account -1 294-7 -1 490-18 169-14 187 Trade in goods -772 221-394 -10 266-48 Exports f.o.b. 12 077 14 143 13 023 139 13 14 92 Imports f.o.b 12 849 13 922 13 417 149 779 11 437 Balance of services 28 388 381 4 068 4 783 Credits 2 34 2 701 2 639 26 962 29 262 Debits 2 087 2 313 2 28 22 894 24 479 Balance of income -1 184-1 397-1 29-16 410-16 88 Credits 489 48 6 299 6 191 Debits 1 673 1 92 2 077 22 709 23 049 Balance of current transfers 404 33 2 4 439 3 373 Credits 724 406 33 9 078 9 178 Debits 320 373 301 4 639 80 B Capital account 19 1 641 944 6 67 10 823 Credits 194 1 69 962 7 920 11 00 Debits 3 18 18 1 33 227 C Financial account 316-187 1 32 18 314 16 870 Polish investment abroad -269-123 -1 299-10 004-0 Foreign direct investment in Poland 1 143 1 9 1 7 17 28 000 Portfolio investment -assets 202-180 41-98 8 Equity securities 72-61 -43 78-313 Debt securities 130-119 84-176 398 Portfolio investment liabilities 216 1 248 1 767 13 30 1 224 Equity securities -39 3 23 2 749 2 280 Debt securities 2 1 213 1 744 10 601 12 944 Other investment assets -813-1 013-638 - 34-1 604 National Bank of Poland 0 10 0 0-1 Goverment sector -2-2 -12-3 -44 MFI (NBP excluded) -1 168-79 -648-4 203-22 Other sectors 37-226 22-1 098-1 037 Other investment liabilities -17-1 936 79 3 808-3 316 National Bank of Poland -197-633 1-1 680 01 Goverment sector -12 - -110 2 07 1 106 MFI (NBP excluded) -694-397 -3-92 -4 48 Other sectors 746-901 191 4 023-37 Financial derivatives -6 222 2-646 2 031 D Errors and ommissions -47-280 284-6 98-4 264 A D -866 419 1 270-273 9 242 E Official reserve assets 866-419 -1 270 273-9 242 3 (1) Preliminary information. (2) Cumulated are presented progressively in the 12 month perspective. Information Bulletin 11/2012 1

Key decisions of the Monetary Developments Policy Council 4 Key decisions of the Monetary Policy Council 3 1. Resolution No. 9/2012 of the Monetary Policy Council dated on November 20, 2012 amending the resolution on NBP s treatment of SWAP currency transactions. 2. Resolution No. 8/2012 of the Monetary Policy Council dated on November 7, 2012 on reference rate, interest on refinanced loans, interest on deposits with agreed maturity and rediscount rate at the National Bank of Poland. 16 N a t i o n a l B a n k o f P o l a n d

Statistical annex Statistical annex INFORMATION BULLETIN 11/2012 17

Statistical annex. Tables.1 Tables Table.1.1 Basic statistical 1. Industrial output 2. Construction output 3. Consumer price index 4. Producer price index current prices 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 million zloty % % million zloty % % % % % % % 1 2 3 4 6 7 8 9 10 11 2007 Dec. 67 213.8 10.8 91.7 9 112.9 114.0 147.7 104.0 100.3 104.0 101.9 99.2 2008 Jan. 71 003.4 110. 104.4 3 316.1 108.6 36.0 104.0 100.7 100.7 102. 101.3 Feb. 72 393.8 114.7 101. 4 106. 121.3 123.6 104.2 100.4 101.1 102.8 100. Mar. 72 976.1 100.7 100.7 4 768.1 116.8 11.8 104.1 100.4 101. 102. 100.2 Apr. 7 716.2 114.4 104.1 396.9 120.9 112.8 104.0 100.4 101.8 101.9 99.8 May 69 21.7 101.4 90.9 836.6 11.9 107.9 104.4 100.8 102.6 102.4 100.8 June 73 360.1 106. 10.2 6 782.8 119.4 11.9 104.6 100.2 102.9 102.2 100.3 July 71 441.1 104.8 97.3 6 10.1 113.4 9.8 104.8 100.0 102.8 101.7 99.8 Aug. 6 42.2 9.6 91.2 6 49.7 102.9 98.9 104.8 99.6 102.4 101.4 100.1 Sept. 7 674.2 10. 116.6 7 203.1 109.6 111.4 104. 100.3 102.8 102.0 100.4 Oct. 77 012.1 98.0 101.9 7 980.2 10.6 110.8 104.2 100.4 103.2 102.4 100.0 Nov. 66 889. 89.4 86.9 6 378.9 100.4 79.9 103.7 100.2 103.4 102.2 99.8 Dec. 6 023.9 94.4 96.9 9 43.6 102.0 10.1 103.3 99.9 103.3 102.7 99.6 2009 Jan. 62 409.7 84.7 93.7 3 638. 107.4 37.9 102.8 100. 100. 103.6 102.3 Feb. 6 264.4 8.4 102.4 4 24.1 101.9 117.2 103.3 100.9 101.3 10.7 102.6 Mar. 7 180.0 98.1 11.6 4 887. 101.2 11.1 103.6 100.7 102.0 10. 100.0 Apr. 69 333.0 87.8 93.1 46.0 100. 112.0 104.0 100.7 102.7 104.8 99.1 May 67 88.4 94.8 98.2 863.3 100.3 107.7 103.6 100. 103.2 103.7 99.7 June 72 174.2 9. 106.0 6 811.1 100. 116.2 103. 100.2 103.4 104.1 100.8 July 69 437.0 9.6 97.4 7 172.4 110.7 10. 103.6 100.1 103. 102.8 98. Aug. 66 09.3 100.1 9.6 7 108.1 111.0 99.2 103.7 99.6 103.1 102.2 99.6 Sept. 7 33.0 98.7 11.0 7 41.6 10.7 106.1 103.4 100.0 103.1 101.6 99.8 Oct. 77 012.0 98.7 101.9 8 130.2 102.7 107.6 103.1 100.1 103.3 102.0 100.4 Nov. 74 4.1 109.9 96.8 6 948.1 109.9 8. 103.3 100.3 103. 101.9 99.6 Dec. 71 090.4 107.4 94.6 9 788.6 103.2 141.0 103. 100.0 103. 102.1 99.8 2010 Jan. 67 008.0 108. 94.6 3 048.1 84.7 31.1 103. 100.6 100.6 100.2 100.4 Feb. 68 678.6 109.2 103.1 3 170.3 7.3 104.2 102.9 100.2 100.9 97.6 99.9 Mar. 81 494.0 112. 119.1 4 322.7 89.1 136.2 102.6 100.3 101.2 97.4 99.8 Apr. 74 673.4 109.7 90.8 094.6 93.7 117.8 102.4 100.4 101.6 99.6 101.4 May 76 869.0 113. 101.6 994.8 102.3 117. 102.2 100.3 101.9 101.9 102.0 June 82 6.0 114.3 106.8 7 468.8 109.6 124. 102.3 100.3 102.2 102.1 101.0 July 78 608.2 110. 94.1 7 240.8 100.8 97.0 102.0 99.8 102.0 103.8 100.1 Aug. 77 306.7 113.6 98.2 7 726.9 108.4 106.7 102.0 99.6 101. 104.0 99.8 Sept. 86 461.3 111.8 113.1 8 70.9 113.4 111.0 102. 100.6 102.1 104.3 100.1 Oct. 8 403.3 108.0 98.4 8 896. 109.4 103.8 102.8 100. 102.6 103.9 100.0 Nov. 84 11.0 110.0 98.6 7 926.3 114.2 89.2 102.7 100.1 102.8 104.7 100.4 Dec. 82 301.7 111.4 9.8 11 010.1 112.3 138.7 103.1 100.4 103.1 106.2 101.2 2011 Jan. 77 949.0 110.3 93.7 3 387.4 111.0 30.7 103.6 101.2 101.2 106.2 100.4 Feb. 81 483.6 110. 103.3 3 776.6 118.7 111. 103.6 100.2 101.4 107. 101.2 Mar. 94 464. 106.8 11.2 389.1 124.2 142.4 104.3 100.9 102.3 109. 101.6 Apr. 86 63. 106.7 90.7 912.2 11.6 109.7 104. 100. 102.9 108.8 100.7 May 88 339.1 107.8 102.7 7 44. 123.9 12.9 10.0 100.6 103. 106.3 99.7 June 89 99. 102.0 101.0 8 794.6 117.0 117.6 104.2 99.6 103.1 10.6 100.3 July 84 893.6 101.8 94.0 8 10.8 116.4 96. 104.1 99.7 102.8 10.9 100.4 Aug. 89 313.0 107.9 104.1 8 673.2 110.8 101. 104.3 100.0 102.7 106.8 100.6 Sept. 100 219.8 107.4 112.6 10 269.0 118.1 118.3 103.9 100.1 102.8 108.4 101.7 Oct. 98 480.1 106.4 97.6 9 828. 108.9 9.7 104.3 100.7 103. 108. 100.1 Nov. 99 267.2 108. 100. 9 103.2 113.0 92. 104.8 100.7 104.2 109.1 100.9 Dec. 9 696.7 107.7 9.1 12 792.6 114.6 140.6 104.6 100.4 104.6 108.2 100.4 2012 Jan. 91 016.4 109.1 9.0 4 36.7 132.2 3. 104.1 100.7 100.7 107.9 100.1 Feb. 90 194.2 104.8 99.2 4 284.4 112.0 94. 104.3 100.4 101.1 106.0 99. Mar. 99 28.1 100.8 110.7 633.1 103. 131.6 103.9 100. 101.7 104.4 100.1 Apr. 92 80.3 102.8 92.4 6 446.1 108.1 114.6 104.0 100.6 102.2 104.4 100.7 May 96 843.3 104.3 104.2 7 943.1 106.2 123.7 103.6 100.2 102.4 10.2 100.4 June 94 292. 101.2 98.0 8 379.3 94.8 10.0 104.3 100.2 102.6 104.4 99. July 92 23.4 10.4 97.9 7 774.7 91.3 92.9 104.0 99. 102.1 103.6 99.6 Aug. 91 741.2 100.6 99.3 8 206. 9.0 10.7 103.8 99.7 101.8 103.0 100.0 Sept. 97 096.3 94.8 106.1 8 368.2 82.1 102.2 103.8 100.1 101.9 101.8 100. Oct. 103 997.3 104.7 107.8 9 389.1 96.4 112.4 103.4 100.4 102.3 101.0 99.3 Nov. 98 810.0 99.2 9.2 8 24.3 94.7 90.9 102.8 100.1 102.3 99.9 99.8 18 N a t i o n a l B a n k o f P o l a n d

Statistical annex. Tables Table.1.1 Basic statistical (cont d). Construction price index the same month previous year = 100 previous month = 100 6. Number of employed. corporate sector 7. Average employment. corporate sector 8. Number of unemployed 9. Unemployment rate 10. Average monthly employee earnings. gross. corporate sector revenue 11. National budget revenue & expenditure expenditure financial surplus/ deficit and net foreign lending/ borrowing % % thousands thousands thousands % zł million zloty million zloty million zloty 12 13 14 1 16 17 18 19 20 21 2007 Dec. 107.6 100.2 407 237 1 746.6 11.2 3 24.14 236 367. 22 323.9-11 069.2 2008 Jan. 107.4 100.3 37 339 1 813.4 11. 2 97.4 22 6.4 18 248.1 4 33.7 Feb. 107.0 100.4 63 363 1 778. 11.3 3 040.46 43 303.9 43 440. 33.8 Mar. 106. 100.4 70 376 1 702.2 10.9 3 12.96 64 69. 62 86.6 422. Apr. 106.0 100. 79 382 1 60.7 10.3 3 144.87 90 618.6 90 064.3-42.8 May 10.2 100.3 77 383 1 2.6 9.8 3 076.14 108 826. 110 703.4-2 642.8 June 104.7 100.3 81 383 1 4.3 9.4 3 222.47 127 70.9 131 086.6-3 74.9 July 104.3 100.3 87 392 1 422.9 9.2 3 234.96 10 887.8 13 632. -1 379.2 Aug. 104.0 100.2 78 391 1 404.4 9.1 3 172.4 172 997.2 173 314.6 2 099.8 Sept. 103.7 100.1 88 39 1 376.6 8.9 3 176.84 192 377.8 196 602.4-901.0 Oct. 103.4 100.1 90 397 1 32.3 8.8 3 247.77 213 802.8 22 288.1-7 939.9 Nov. 103.2 100.0 72 386 1 398. 9.1 3 326.94 23 010.1 249 982.9-11 403.4 Dec. 102.9 99.9 17 33 1 473.8 9. 3 428.01 24 083.8 278 674.3-21 063.8 2009 Jan. 102.4 99.9 47 374 1 634.4 10.4 3 21.7 27 743.8 24 82.8 800.3 Feb. 101.8 99.8 27 32 1 718.8 10.9 3 19.6 46 7.0 2 00.9-6 367.0 Mar. 101.3 99.9 498 32 1 78.8 11.1 3 332.6 6 726.9 76 946.7-11 698.2 Apr. 100.7 99.9 487 309 1 719.9 10.9 3 294.76 89 338.4 104 644. -14 662.2 May 100.3 99.8 472 292 1 683.4 10.7 3 193.90 111 123.4 127 480.1-1 202. June 99.9 100.0 463 280 1 68.7 10.6 3 287.88 134 389.0 11 078.2-16 912.7 July 99.6 99.9 43 273 1 676.1 10.7 3 361.90 160 027.6 17 064.7-1 420. Aug. 99.3 99.9 40 270 1 689.0 10.8 3 268.69 183 330. 198 986.3-14 706.2 Sept. 99.2 100.0 40 267 1 71.9 10.9 3 283.18 202 82.0 223 92.7-17 369.8 Oct. 99.1 100.1 449 267 1 744.3 11.1 3 312.32 22 673.4 249 92.0-16 017.1 Nov. 99.2 100.1 449 26 1 811.1 11.4 3 403.92 20 937.0 27 279.1-14 837.3 Dec. 99.3 100.0 418 2 1 892.7 12.1 3 62.40 274 183. 298 028. - 288.7 2010 Jan. 99.3 99.8 474 301 2 02. 12.9 3 231.13 22 137. 26 916.7-9 88.6 Feb. 99.4 99.9 468 293 2 101. 13.2 3 288.29 38 207.1 042.7-18 648.4 Mar. 99. 100.0 478 294 2 076.7 13.0 3 493.42 7 022.1 79 729.7-13 931. Apr. 99.7 100.1 49 308 1 973.8 12.4 3 398.67 79 877.6 106 834.6-14 6.9 May 100.0 100.1 0 320 1 907.9 12.1 3 346.61 96 870.8 128 917.0-21 447.7 June 100.1 100.1 23 336 1 843.9 11.7 3 403.6 114 41.2 11 019.9-2 114.6 July 100.2 99.9 33 30 1 812.8 11. 3 433.32 139 68.2 174. -22 448.9 Aug. 100.2 100.0 37 32 1 800.2 11.4 3 407.26 160 144.3 197 120.2-24 446.2 Sept. 100.2 100.0 0 364 1 812.6 11. 3 403.68 181 363.2 220 898.7-26 23.7 Oct. 100.1 100.0 6 37 1 818.6 11. 3 440.22 204 30.2 246 240.4-27 872.0 Nov. 100.0 100.0 68 381 1 88.3 11.7 3 2.67 226 867.2 269 480.3-23 904. Dec. 100.0 100.1 48 379 1 94.7 12.4 3 847.91 20 302.4 294 893.7-13 33. 2011 Jan. 100.3 100.1 68 01 2 10.0 13.1 3 391.9 24 618.3 27 380.3-1 203.6 Feb. 100.4 100.1 69 13 2 10.2 13.4 3 422.14 42 019.6 6 428.8-13 11.0 Mar. 100.6 100.2 699 09 2 133.9 13.3 3 633.4 62 87.9 80 087.6-16 90.0 Apr. 100.6 100.2 703 14 2 043. 12.8 3 97.84 87 31.9 109 117.4-18 449.1 May 100.7 100.2 707 14 1 962.6 12.4 3 483.99 107 940.1 131 668.4-19 401.8 June 100.8 100.3 716 27 1 883.3 11.9 3 600.47 134 662.4 14 884.6-1 149.2 July 101.1 100.2 71 28 1 863.2 11.8 3 611.6 18 348.6 179 432.2-1 38.4 Aug. 101.4 100.3 702 20 1 8.3 11.8 3 91.23 181 230.8 201 911. -14 874.0 Sept. 101.6 100.1 708 1 1 861.7 11.8 3 81.94 20 020.0 226 908. -14 361. Oct. 101.6 100.1 701 12 1 867.6 11.8 3 617.16 231 939.7 24 410.1-13 476.8 Nov. 101.7 100.0 706 1 1 914.9 12.1 3 682.19 24 96.1 276 38. -11 621.8 Dec. 101.8 100.0 676 03 1 982.7 12. 4 01.37 277 7.2 302 681.6-9 889.3 2012 Jan. 101. 99.9 736 1 2 121. 13.2 3 666.41 26 978.2 32 280.0 4 409.8 Feb. 101.4 99.9 732 43 2 168.2 13.4 3 68.32 46 248.2 62 763.8-3 834.3 Mar. 101.3 100.0 731 39 2 141.9 13.3 3 770.66 63 20.7 86 489.4-10 01.4 Apr. 101.1 100.0 722 31 2 072.6 12.9 3 719.81 93 890.0 118 709.9-10 867.1 May 100.9 99.9 726 30 2 013.9 12.6 3 617.98 113.0 140 36.0-13 272.1 June 100. 99.9 727 31 1 964.4 12.3 3 74.48 141 720.8 162 806.4-6 46. July 100.1 99.8 726 29 1 93.2 12.3 3 700.01 166 06.2 190 404.0-8 660.8 Aug. 99.7 99.8 716 22 1 964.7 12.4 3 686.4 189 40.6 212 42.4-7 19.4 Sept. 99.3 99.8 706 14 1 979.0 12.4 3 640.84 213 922.0 23 00.8-4 883.3 Oct. 99.1 99.9 701 10 1 994.9 12. 3 718.19 238 033.4 272 239. -17 433.3 Nov. 98.9 99.8 691 497 2 08.1 12.9 3 780.64 262 90.9 293 376.9-11 734.4 INFORMATION BULLETIN 11/2012 19

Statistical annex. Tables Table.1.1 Basic statistical (cont d) 12. Corporate financial performance revenues of which: sales of goods & services operating costs of which: cost of sales pre-tax profit/ loss statutory deductions net profit/loss cost to sales ratio net margin quick liquidity ratio 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 22 23 24 2 26 27 28 29 30 31 32 33 34 2007 Dec. 1 713 204.6 1 042 788.6 1 608 41.4 1 033 78. 104 828.2 18 639.2 86 189.0 93.9.0 98.9 28 370.3 201 960.7 194 900.8 2008 Jan.............. Feb.............. Mar. 438 477.9 266 037.9 412 782.0 263 42.3 2 693.6 313. 20 380.1 94.1 4.6 100.7 36 088.4 208 126.7 190 363.8 Apr.............. May............. June 918 374.4 2 626.8 863 611.6 0 31.1 4 772.6 10 487.1 44 28. 94.0 4.8 98.9 71 46.0 224 381.0 201 282.3 July............. Aug.............. Sept. 1 400 691. 843 418.8 13 221 332.7 842 8.2 79 398.2 1 740.0 63 68.2 94.3 4. 100.1 86 701.7 22 47.4 204 606.1 Oct.............. Nov.............. Dec. 1 903 409.4 1 130 677.9 1 823 49.8 1 14 389.3 79 986.8 16 92.9 63 033.9 9.8 3.3 9.1 91 419.1 218 983.8 21 966.9 2009 Jan.............. Feb.............. Mar. 43 49.6 26 978.0 440 12.4 26 862.3 13 382.2 3 621.7 9 760. 97.1 2.2 94.8 93 99.6 227 42.7 207 430. Apr.............. May............. June 927 341.3 43 280.8 882 269.7 47 003.8 4 078.0 8 022.3 37 0.6 9.1 4.0 97.1 606 99.3 232 23.1 211 296.0 July............. Aug.............. Sept. 1 41 674.7 828 622.2 1 342 742. 83 873.8 72 93.1 12 909.2 60 043.9 94.8 4.2 101.1 606 721.0 233 01.7 21 619.8 Oct.............. Nov.............. Dec. 1 932 978.3 1 131 43.3 1 837 000.3 1 149 117. 9 914. 17 049.1 78 86.4 9.0 4.1 102.2 606 843.1 224 184. 222 340.2 2010 Jan.............. Feb.............. Mar. 47 778.6 268 942.1 434 978.4 273 449. 22 827.2 4 46.8 18 280.4 9.0 4.0 10.0 97 602.1 224 946.8 208 732.2 Apr.............. May............. June 96 711.8 63 770.3 906 11.1 71 447.9 0 7.7 8 767.3 41 808.4 94.7 4.4 103.6 636 761.2 244 024.8 229 222.7 July............. Aug.............. Sept. 1 472 871.0 872 624.0 1 391 377. 881 423.3 81 117.1 13 82.7 67 34.4 94. 4.6 10.7 64 961.1 20 086.0 232 911.1 Oct.............. Nov.............. Dec. 2 029 730.8 1 200 633.1 1 922 01.9 1 217 468.1 107 488. 18 043.1 89 44. 94.7 4.4 10. 663 29.1 248 204.4 243 430.4 2011 Jan.............. Feb.............. Mar. 12 781.6 306 832.3 48 32.3 309 803.1 27 296.4 339.6 21 96.8 94.7 4.3 106.4 669 331.2 21 471.7 23 337.0 Apr.............. May............. June 1 072 67.1 639 422.2 1 00 928. 644 103.4 66 69.4 10 03.3 6 16.0 93.8.2 104.6 706 208.6 264 20.0 24 863.9 July............. Aug.............. Sept. 1 62 839. 987 007. 1 60 099.4 993 942.3 92 767.2 1 37. 77 391.7 94.4 4.7 104. 726 614.0 276 64.4 261 288.7 Oct.............. Nov.............. Dec. 2 294 301.9 1 364 943.7 2 169 484.4 1 376 126.4 124 886.7 20 936.3 103 90.3 94.6 4. 102.7 739 064.8 271 44.4 274 688.7 2012 Jan.............. Feb.............. Mar. 74 194.0 33 728.8 4 264.6 342 990.9 28 910.2 349. 23 60.7 9.0 4.1 100.9 723 93.7 264 411.6 21 06.7 Apr.............. May............. June 1 160 87.9 689 849.9 1 104 931.1 706 139.9 631.1 9 43.6 46 19. 9.2 4.0 97.3 731 97.2 279 907.6 263 200.9 July............. Aug.............. Sept. 1 760 310.2 1 043 24.6 1 679 033.6 1 067 87.0 81 237.9 14 008.2 67 229.6 9.4 3.8 97.4 72 017.0 282 280.1 26 710.2 Oct.............. Nov.............. 20 N a t i o n a l B a n k o f P o l a n d

Statistical annex. Tables Table.1.2 Financial market basic information Reference rate Lombard rate 1. NBP interest rates 2. Reserve requirement Deposit rate Rediscount rate Discount rate Reserve requirement ratio on zloty deposits Reserve requirement ratio on foreign currency deposits (zloty equivalent) demand time demand time Reserve requirement ratio on repo operations Interest on reserve requirement required reserves held % % % % % % % % % % % million zloty 1 2 3 4 6 7 8 9 10 11 12 2007 Dec..00 6.0 3..2. 3. 3. 3. 3. 0.0 0.9 (a) 16 966.2 2008 Jan..2 6.7 3.8.0. 3. 3. 3. 3. 0.0 0.9 (a) 17 466.1 Feb..0 7.00 4.0.7. 3. 3. 3. 3. 0.0 0.9 (a) 17 606.6 Mar..7 7.2 4.3 6.00. 3. 3. 3. 3. 0.0 0.9 (a) 17 862.7 Apr..7 7.2 4.3 6.00. 3. 3. 3. 3. 0.0 0.9 (a) 18 200.8 May.7 7.2 4.3 6.00. 3. 3. 3. 3. 0.0 0.9 (a) 18 200.8 June 6.00 7.0 4. 6.2. 3. 3. 3. 3. 0.0 0.9 (a) 18 64.6 July 6.00 7.0 4. 6.2. 3. 3. 3. 3. 0.0 0.9 (a) 19 120.3 Aug. 6.00 7.0 4. 6.2. 3. 3. 3. 3. 0.0 0.9 (a) 19 120.3 Sept. 6.00 7.0 4. 6.2. 3. 3. 3. 3. 0.0 0.9 (a) 19 643. Oct. 6.00 7.0 4. 6.2. 3. 3. 3. 3. 0.0 0.9 (a) 20 11.0 Nov..7 7.2 4.3 6.00. 3. 3. 3. 3. 0.0 0.9 (a) 20 11.0 Dec..00 6.0 3.0.2. 3. 3. 3. 3. 0.0 0.9 (a) 21 089.0 2009 Jan. 4.2.7 2.7 4.0. 3. 3. 3. 3. 0.0 0.9 (a) 21 089.0 Feb. 4.00.0 2.0 4.2. 3. 3. 3. 3. 0.0 0.9 (a) 21 793.4 Mar. 3.7.2 2.2 4.00. 3. 3. 3. 3. 0.0 0.9 (a) 22 66.0 Apr. 3.7.2 2.2 4.00. 3. 3. 3. 3. 0.0 0.9 (a) 22 80.9 May 3.7.2 2.2 4.00. 3. 3. 3. 3. 0.0 0.9 (a) 22 80.9 June 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0.9 (a) 19 439.2 July 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0.9 (a) 19 78.4 Aug. 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0.9 (a) 19 699.6 Sept. 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0.9 (a) 19 630.4 Oct. 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0.9 (a) 19 630.4 Nov. 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0.9 (a) 20 02.9 Dec. 3.0.00 2.00 3.7. 3.0 3.0 3.0 3.0 0.0 0.9 (a) 20 148.4 2010 Jan. 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 (a) 20 148.4 Feb. 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 (a) 20 409.0 Mar. 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 (a) 20 17.1 Apr. 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 (a) 20 681.8 May 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 (a) 20 746.4 June 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 (a) 21 102.0 July 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 (a) 21 102.0 Aug. 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 (a) 21 49.2 Sept. 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 (a) 21 649.0 Oct. 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 (a) 21 649.0 Nov. 3.0.00 2.00 3.7 4.00 3.0 3.0 3.0 3.0 0.0 0.9 (a) 22 02.1 Dec. 3.0.00 2.00 3.7 4.00 3. 3. 3. 3. 0.0 0.9 (a) 2 947.6 2011 Jan. 3.7.2 2.2 4.00. 3. 3. 3. 3. 0.0 0.9 (a) 26 2.6 Feb. 3.7.2 2.2 4.00. 3. 3. 3. 3. 0.0 0.9 (a) 26 448.9 Mar. 3.7.2 2.2 4.00. 3. 3. 3. 3. 0.0 0.9 (a) 26 479.9 Apr. 4.00.0 2.0 4.2. 3. 3. 3. 3. 0.0 0.9 (a) 26 479.9 May 4.2.7 2.7 4.0. 3. 3. 3. 3. 0.0 0.9 (a) 27 14.8 June 4.0 6.00 3.00 4.7. 3. 3. 3. 3. 0.0 0.9 (a) 27 24.7 July 4.0 6.00 3.00 4.7. 3. 3. 3. 3. 0.0 0.9 (a) 27 24.7 Aug. 4.0 6.00 3.00 4.7. 3. 3. 3. 3. 0.0 0.9 (a) 27 646.7 Sept. 4.0 6.00 3.00 4.7. 3. 3. 3. 3. 0.0 0.9 (a) 28 09. Oct. 4.0 6.00 3.00 4.7. 3. 3. 3. 3. 0.0 0.9 (a) 28 269.9 Nov. 4.0 6.00 3.00 4.7. 3. 3. 3. 3. 0.0 0.9 (a) 28 038.8 Dec. 4.0 6.00 3.00 4.7. 3. 3. 3. 3. 0.0 0.9 (a) 28 038.8 2012 Jan. 4.0 6.00 3.00 4.7. 3. 3. 3. 3. 0.0 0.9 (a) 29 131.1 Feb. 4.0 6.00 3.00 4.7. 3. 3. 3. 3. 0.0 0.9 (a) 29 104. Mar. 4.0 6.00 3.00 4.7. 3. 3. 3. 3. 0.0 0.9 (a) 29 104. Apr. 4.0 6.00 3.00 4.7. 3. 3. 3. 3. 0.0 0.9 (a) 28 992.6 May 4.7 6.2 3.2.00. 3. 3. 3. 3. 0.0 0.9 (a) 28 864.9 June 4.7 6.2 3.2.00. 3. 3. 3. 3. 0.0 0.9 (a) 28 864.9 July 4.7 6.2 3.2.00. 3. 3. 3. 3. 0.0 0.9 (a) 29 309. Aug. 4.7 6.2 3.2.00. 3. 3. 3. 3. 0.0 0.9 (a) 29 424.0 Sept. 4.7 6.2 3.2.00. 3. 3. 3. 3. 0.0 0.9 (a) 29 424.0 Oct. 4.7 6.2 3.2.00. 3. 3. 3. 3. 0.0 0.9 (a) 29 737.4 Nov. 4.0 6.00 3.00 4.7. 3. 3. 3. 3. 0.0 0.9 (a) 30 02.6 (a) Of the rediscount rate. INFORMATION BULLETIN 11/2012 21

Statistical annex. Tables Table.1.2 Financial market basic information (cont d) 3. 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) million zloty million zloty million zloty % million zloty 13 14 1 16 17 18 2007 Dec. 2 11 00.00 12 938.11 9 086.22.6 21 809.18 2008 Jan. 0 0.00 0.00 0.00 0.00 14 9.43 Feb. 1 00.00 1 967.46 00.00.6 13 700.22 Mar. 1 1 00.00 6 734.32 2 13.82 6.02 12 26.23 Apr. 2 7 300.00 20 81.96 7 48.41 6.14 14 2.0 May 2 10 700.00 1 036.1 10 201.21 6.30 21 466.30 June 3 7 600.00 17 143.79 8 094.17 6.6 28 749.99 July 4 6 400.00 16 067.9 6 60.1 6.7 34 111.94 Aug. 3 4 800.00 13 098.3 4 800.00 6.9 36 772.96 Sept. 3 3 600.00 10 003.8 3 601.89 6.42 34 40.40 Oct. 4 6 100.00 9 694.46 4 601.14 6.36 34 691.49 Nov. 4 9 100.00 17 831.66 7 30.93 6.67 40 006.3 Dec. 4 9 900.00 2 36.28 10 210.20 6.11 47 863.44 2009 Jan. 4 2 900.00 12 441.22 2 60.00 4.80 46 628.93 Feb. 4 6 600.00 13 887.0 6 462.3.00 47 223.92 Mar. 10 400.00 32 787.12 10 90.01 4.63 1 716.73 Apr. 4 6 00.00 14 368.67 6 246.38 4.81 6 193.26 May 4 9 00.00 16 770.8 6 29.10 4.9 6 747.04 June 7 400.00 27 884.3 7 623.86 4.73 7 42.37 July 4 000.00 11 28.39 026.09 4.3 61 299.34 Aug. 800.00 1 124.38 439.30 4.22 60 3.76 Sept. 4 4 000.00 9 179.22 3 47.74 4.42 73.84 Oct. 3 1 700.00 4.43 1 240.3 4.26 0 863.64 Nov. 0 0.00 0.00 0.00 0.00 47 180.93 Dec. 0 0.00 0.00 0.00 0.00 41 940.16 2010 Jan. 3 2 700.00 11 383.0 2 638.00 3.92 42 468.36 Feb. 4 200.00 13 76.38 042.44 3.8 41 170.42 Mar. 6 700.00 1 646.19 6 670.83 3.89 42 636.77 Apr. 4 3 300.00 14 962.7 2 86.00 3.80 39 918.43 May 4 3 900.00 9 649. 3 330.00 3.81 37 384.7 June 4 600.00 11 813.9 017.4 3.99 34 737.31 July 3 3 900.00 14 098.60 3 900.00 4.02 34 06.04 Aug. 4 4 000.00 10 729.39 3 80.29 3.96 36 4.9 Sept. 2 1 200.00 4 88.60 1 180.40 3.91 34 126.40 Oct. 2 1 200.00 1 837.8 822. 4.00 33 727.66 Nov. 0 0.00 0.00 0.00 0.00 33 727.66 Dec. 0 0.00 0.00 0.00 0.00 26 730.48 2011 Jan. 3 4 700.00 10 303.34 3 961.20 4.18 26 01.0 Feb. 4 6 300.00 11 074.72 793.4 4.43 30 047.00 Mar. 4 4 200.00 1 411.19 3 667.99 4.48 30 460.89 Apr. 4 3 800.00 8 282.68 2 811.9 4. 30 824.33 May 4 3 200.00 11 96.0 2 12.00 4.7 30 801.83 June 0 0.00 0.00 0.00 0.00 26 872.0 July 0 0.00 0.00 0.00 0.00 22 68.90 Aug. 0 0.00 0.00 0.00 0.00 17 979.62 Sept. 0 0.00 0.00 0.00 0.00 16 844.13 Oct. 0 0.00 0.00 0.00 0.00 16 03.6 Nov. 0 0.00 0.00 0.00 0.00 16 03.6 Dec. 0 0.00 0.00 0.00 0.00 11 361.20 2012 Jan. 2 6 000.00 12 876.40 811.32 4.1 13 49.31 Feb. 1 2 000.00 6 710.48 2 189.87 4.48 10 9.7 Mar. 1 3 000.00 4 884.92 2 328.92 4.47 9 984.46 Apr. 1 1 00.00 3 116.0 1 332.11 4.4 11 216.46 May 0 0.00 0.00 0.00 0.00 10 733.79 June 0 0.00 0.00 0.00 0.00 10 733.79 July 0 0.00 0.00 0.00 0.00 10 733.79 Aug. 0 0.00 0.00 0.00 0.00 8 884.8 Sept. 0 0.00 0.00 0.00 0.00 8 884.8 Oct. 0 0.00 0.00 0.00 0.00 8 884.8 Nov. 0 0.00 0.00 0.00 0.00 7 62.8 22 N a t i o n a l B a n k o f P o l a n d

Statistical annex. Tables Table.1.2 Financial market basic information (cont d) 4. 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) million zloty million zloty million zloty % million zloty 19 20 21 22 23 24 2007 Dec. 4 67 400.00 44 983.7 44 761.3.00 7 761.2 2008 Jan. 4 000.00 2 311.40 1 284.40.00 14 081.60 Feb. 71 600.00 84 369.70 71 600.00.31 1 683.22 Mar. 4 8 300.00 4 182.9 3 123.20.6 12 46.67 Apr. 4 1 000.00 4 211.72 0 62.70.7 12 98.48 May 49 100.00 1 067.41 43 848.87.7 9 988.83 June 4 42 200.00 32 361.67 32 320.40.80 6 122.6 July 4 60 900.00 63 773.63 732.73 6.00 12 884.96 Aug. 9 800.00 8 713.60 2 60.10 6.00 7 1.28 Sept. 4 400.00 2 66.43 48 640.60 6.00 14 982.1 Oct. 17 300.00 42 062.30 39 379.10 6.00 6 286.86 Nov. 0.00 49 692.2 49 692.2.9 10 923.68 Dec. 0.00 7 87.11 7 87.11.62 10 200.4 2009 Jan. 0.00 83 739.60 83 739.60 4.8 17 419.34 Feb. 4 27 000.00 91 304.40 8 884.61 4.19 13 489.0 Mar. 4 60 00.00 179 877.46 60 00.00 3.94 16 487.97 Apr. 82 200.00 147 07.1 82 200.00 3.7 16 486.26 May 4 84 00.00 86 836.76 77 666.86 3.7 27 479.9 June 4 131 00.00 117 13.31 117 13.31 3.68 33 400.11 July 19 00.00 191 782.64 186 362.6 3.0 34 976.20 Aug. 4 164 00.00 164 694.62 160 0.47 3.0 41 172.94 Sept. 4 172 000.00 173 764.92 166 794.3 3.0 44 969.40 Oct. 261 00.00 260 670.9 2 7.6 3.0 4 928.61 Nov. 4 226 00.00 209 893.74 207 072.07 3.0 47 687.16 Dec. 290 000.00 23 646.14 22 909.63 3.0 40 92.8 2010 Jan. 4 264 00.00 269 612.62 263 132.43 3.0 62 38.32 Feb. 4 277 00.00 273 66.1 269 328.0 3.0 67 246.19 Mar. 4 288 00.00 279 37.94 279 37.94 3.0 76 922.94 Apr. 377 400.00 378 468.02 371 966.36 3.0 74 949.00 May 4 302 900.00 299 639.06 297 174.06 3.0 76 113.2 June 4 30 000.00 312 8.88 302 1.23 3.0 7 499.86 July 396 300.00 377 899.62 37 961.62 3.0 78 134.39 Aug. 4 328 000.00 327 410.66 323 80.64 3.0 83 713.63 Sept. 4 336 00.00 32 629.6 32 629.6 3.0 83 110.0 Oct. 413 900.00 40 067.04 401 22.9 3.0 70 916.40 Nov. 4 339 000.00 326 417.31 326 417.31 3.0 87 799.46 Dec. 7 444 000.00 404 11.81 404 380.70 3.0 74 88.93 2011 Jan. 6 397 000.00 368 232.08 367 2.8 3.62 86 783.34 Feb. 376 800.00 36 478.64 360 601.87 3.7 91 088.99 Mar. 39 00.00 387 368.22 386 1.78 3.7 96 918.49 Apr. 8 3 000.00 494 486.03 494 486.03 3.96 94 329.99 May 6 438 00.00 399 161.82 399 161.82 4.19 102 309.1 June 7 449 300.00 417 426.10 417 426.10 4.44 104 601.76 July 7 39 200.00 16 807.13 16 807.13 4.0 111 974.63 Aug. 429 000.00 416 30.61 416 001.41 4.0 96 967.08 Sept. 8 32 000.00 494 18.74 493 02.86 4.0 87 97.49 Oct. 6 424 300.00 393 966.66 393 966.66 4.0 87 28.99 Nov. 6 408 00.00 393 332.43 391 80.83 4.0 9 671.64 Dec. 10 9 00.00 464 241.09 464 241.09 4.0 93 367.94 2012 Jan. 6 411 000.00 377 790.48 377 790.48 4.0 89 20.18 Feb. 6 382 000.00 373 874.67 368 90.9 4.0 89 283.99 Mar. 6 49 000.00 440 03.18 436 977.18 4.0 88 716.73 Apr. 6 392 00.00 32 170.1 32 170.1 4.0 73 114.8 May 7 416 00.00 384 94.39 384 94.39 4.69 89 72.6 June 7 49 000.00 4 876.23 4 876.23 4.7 94 264.09 July 7 441 000.00 406 792.83 406 400.14 4.7 97 287.72 Aug. 6 10 00.00 08 224.40 04 136.92 4.7 99 972.62 Sept. 427 00.00 416 631.38 41 226.2 4.7 104 981.42 Oct. 7 46 00.00 443 60.98 436 846.16 4.7 110 076.47 Nov. 6 8 000.00 67 329.48 8 000.00 4. 114 399.81 INFORMATION BULLETIN 11/2012 23