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Zloty Gains Most in Week as Export Drives Economy: Warsaw Mover

Aug. 30 (Bloomberg) -- The zloty strengthened the most in a week as Poland’s economic growth quickened in the second quarter amid a surge in exports.

The Polish currency appreciated 0.5 percent to 4.2610 against the euro, the biggest advance since Aug. 23, at 1:34 p.m. in Warsaw. That reduced its year-to-date loss to 4.2 percent while quarter-to-date gain widened to 1.5 percent, the best performance among emerging-market currencies monitored by Bloomberg. The yield on two-year government notes fell 1 basis point, or 0.01 percentage point, to 3.13 percent.

Gross domestic product rose 0.8 percent from a year earlier, according to a statement from the Warsaw-based Central Statistical Office today. GDP growth accelerated from 0.5 percent in the first quarter.

Today’s data confirms “the economy has bottomed out, after reaching the trough of economic cycle at the beginning of the year,” economists at Bank Zachodni WBK SA in Warsaw, led by Maciej Reluga, said in a report today.

Exports climbed 5.1 percent from a year earlier in the three months through June, the fastest pace since 2011, the statistics office said in its breakdown of GDP aggregates. Private consumption rose 0.2 percent after remaining unchanged in the first quarter, while fixed investment dropped 3.8 percent after falling 2 percent in the previous three months.

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

To contact the editor responsible for this story: Wojciech Moskwa at wmoskwa@bloomberg.net

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