Polish industrial production moderates
Industrial production in Poland has contracted by 5.2% on an annual basis, compared to a 12.2% annual contraction predicted in April. This shows the rate of decline is moderating in Eastern Europe's largest economy.
Eastern European nations have suffered significant economic contractions as the global economic crisis has reduced foreign direct investment and global trade. The European Commission predicts Polish GDP to contract 1.4% this year. This news has weighed on zloty exchange rates, which have declined up to 30% against the euro in the last year.
The Polish zloty is currently trading at 4.5047 against the euro, compared to 4.5311 in yesterday's trading.
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The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.