Poland: Industrial activity dips in June
Latest reading: Industrial output decreased 0.1% in year-on-year terms in June, which contrasted May’s 4.0% increase. June’s drop was due to a deceleration in the growth of manufacturing production, which makes up about 90% of industrial output. Moreover, mining and quarry output shrank at a faster rate compared to the prior month, and energy production swung into decline.
Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 1.3% in June, down from May’s 1.4%.
On a seasonally adjusted monthly basis, industrial output fell 0.5% in June (May: +0.3% mom s.a.), the worst result since February.
Outlook: Industrial activity is expected to gain momentum from last year in 2025, buoyed by rising military spending in the EU’s eastern flank. That said, subdued demand from key Eurozone partners—particularly from Germany—will likely cap the industrial sector’s expansion. The impact of U.S. tariffs on both domestic and EU demand is a key risk factor.