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Poland Industrial production November 2022

Poland: Industrial output records lowest expansion since February 2021 in November

Industrial output expanded 4.6% year on year in November (October: +6.6% yoy). The figure marked the worst reading since February 2021. The weakening was largely driven by a deterioration in mining and quarrying production growth, as it expanded at the slowest pace since December 2021. In addition, manufacturing output weakened.

On a seasonally adjusted monthly basis, factory output rose 2.7% in November (October: -0.3% mom), the best result since January. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 2.5%, down from October’s minus 1.1%.

Commenting on the release, economists ad ING stated:

“The end of the year looks relatively favourable for domestic manufacturing, which is entering the slowdown quite gently, accompanied by a decline in inflationary pressures, although PPI inflation remains high. Domestic manufacturing once again confirms solid resilience to external shocks. […] We currently forecast GDP growth in the current quarter of around 2.5% YoY. ”

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