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Poland Industrial production November 2023

Poland: Industrial activity dips in November

Industrial output fell 0.7% in year-on-year terms in November, which contrasted October’s 1.9% increase. Looking at the details of the release, mining and quarrying output grew at a softer rate in November, and manufacturing output swung to contraction.

On a seasonally adjusted monthly basis, industrial production fell 0.3% in November (October: -0.0% mom). Meanwhile, the trend improved modestly, with the annual average variation of industrial production coming in at minus 12.0% in November, up from October’s minus 12.3% reading.

Commenting on the outlook, economists at ING stated:

“The strong rebound in the manufacturing PMI in November suggests that the coming months will see an improvement in manufacturing conditions, but so far the pace has been disappointing. We estimate that the broader economic recovery continued in Q4 2023 and GDP growth should be close to 2% YoY. We expect further improvement in 2024, with GDP growth of around 3% mainly based on a marked rise in consumption.”

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