Bloomberg News

Zloty Snaps Two-Day Decline as Retail Sales Growth Accelerates

February 24, 2012

Feb. 23 (Bloomberg) -- The zloty advanced for the first time in three days as reports showed Polish retail sales growth accelerated in January and German business confidence rose to a seven-month high.

The Polish currency appreciated 0.5 percent to 4.1770 per euro as of 5:34 p.m. in Warsaw, the steepest gain among 25 emerging-market currencies tracked by Bloomberg.

Retail sales growth accelerated in January to 14.3 percent from a year earlier, compared with an 8.6 percent rise in December, the statistical office said today, beating the 13.8 percent median forecast of 22 economists surveyed by Bloomberg. The Munich-based Ifo institute’s German business climate index, based on a survey of 7,000 executives, climbed to 109.6 this month from 108.3 in January. Germany is Poland’s largest trading partner.

Poland’s economic outlook is “much better” than in December as an improving situation in the euro area gives the government greater confidence that “negative outcomes” on growth won’t occur, Finance Minister Jacek Rostowski told reporters in Warsaw yesterday.

--Editors: Peter Branton, Ash Kumar

To contact the reporter on this story: Piotr Skolimowski in Warsaw at pskolimowski@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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