Poland: Industrial output growth speeds up in January
Industrial output expanded 2.6% in year-on-year terms in January, which was above December’s 1.0% increase. January’s reading was largely driven by a notable rebound in mining and quarrying output. In contrast, manufacturing output weakened.
On a monthly basis, factory output fell 2.0% in seasonally adjusted terms in January, contrasting Decembers 0.7% expansion and marking the worst result since April 2020. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 6.3%, down from December’s minus 4.0%.
Commenting on the release, Leszek Kasek, senior economist at ING, stated:
“Today’s data confirms expectations of a weakening in economic activity in the first quarter and a gradual easing of pressure on producer prices, linked to a fall in wholesale energy prices, mainly natural gas, due to the mild winter and a decline in gas demand in Europe.”