Poland: Industrial output growth gains momentum in August
September 21, 2022
Industrial output rose 10.9% compared to the same month a year earlier in August, which followed July's 7.1% increase. The reading reflected a broad-based upturn, with activity in the mining and quarrying, manufacturing and electricity, and gas and utilities sub-sectors all improving in August.
On a seasonally-adjusted monthly basis, industrial production rose at a more moderate pace of 0.3% in August (July: +0.5% mom). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 0.4% in August, contrasting July's plus 0.6% reading.
Commenting on the release, economists ad ING stated:
“We find the August production reading a positive signal of economic resilience, given poor leading indicators, weaker orders and high energy and commodity prices as well as uncertainty about the availability of energy in the autumn-winter period. We observe a gradual cooling down rather than a sudden and abrupt halt in activity as suggested by the latest manufacturing PMI index readings.”