Poland: Industrial output falls at sharpest rate since May 2020 in April
Industrial output sank 6.4% compared to the same month a year earlier in April, which was a deterioration from March’s 3.0% decrease. The result marked the worst reading since May 2020. The notable weakening was partly driven by a sharper fall in mining and quarrying production, as it fell at the sharpest pace since September 2020. In addition, manufacturing production weakened.
On a monthly basis, industrial output dropped 2.0% in seasonally adjusted terms in April, which was greater than March’s 1.0% fall. Meanwhile, the trend improved significantly, with the annual average variation of industrial production coming in at minus 9.0% in April, up from March’s minus 9.7%.
Commenting on the release, economists at ING stated:
“Data for industry point to a strong deceleration in output and a further marked slowdown in producers’ price pressures, raising concerns about the strength of the rebound in the second quarter. Although first quarter GDP turned out better than expected, and business surveys suggest an improvement in the following quarters, today’s data paint a less optimistic picture for the start of the second quarter.”