The bounce is back but problems remain

Overall the indices in Poland broke even during this period, while the sector indexes behaved better than those reflecting the broader market for the second time in the last few months. On the one hand there is Germany and the US, and on the other Italy, which has already become notorious for its financial and economic problems, Greece, Spain (with an unemployment rate approaching 30 pct) and France, the economic health of which is also failing. Wherever the macro-economic data is optimistic, this is also reflected on the stock exchanges. The S&P 500 index, which outlines the general prospects of the US economy, is approaching its 2007 peak (the WIG20 needs to add 60 pct to its value to match this level), the DAX index in Frankfurt is getting along fine, and the Nikkei index in Tokyo grew by over a third in one quarter. But the situation in Poland does not look rosy. Admittedly the y-o-y GDP increase in Q4 2012 amounted to 1.1 pct, which was more than expected, but upon closer econ