The Finance Ministry revised its forecast of this year's GDP growth down from 3.8% to 3.4% and assumes an average inflation at 3.9 against its previous forecast of 4.6%. The Ministry has also revised its average jobless rate forecast for 2002 up from 8.3% to 8.7% and diminished its forecast of current account deficit from 4.8% of GDP to 4.4% of GDP.
European Commission revealed its proposal of financing a common agriculture policy in new member states. They should receive 50% of the subsidies used for current EU members and equality among old EU members and new ones should be reached in 2013.
The parliamentary elections will be held on June 14-15, President Vaclav Havel and Premier Milos Zeman negotiated this date yesterday. They also decided that the election of one third of senators would be held on October 25-26.
The U.S. economy unexpectedly expanded in the fourth quarter as consumer and government spending increased significantly. Gross domestic product rose at a 0.2% annual rate from October to December after falling at a 1.3% pace in the third quarter.
Federal Reserve policy makers left the benchmark U.S. interest rate unchanged with the overnight rate now at a 40-year low of 1.75% and said the economy is beginning to recover from a recession that started last March.
Polish central bank decided to cut its key interest rate by 10 bps to 10% yesterday.
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