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Poland Industry March 2020

Poland: First contraction in industrial production in seven months due to Covid-19 in March

Industrial output slumped 2.3% year-on-year in March, contrasting the 4.9% expansion recorded in February, according to the Central Statistical Office (GUS). March’s drop was relatively mild, as the lockdown measures affected the economy for only part of the month. The drop recorded in the third month of the year mainly reflected contractions in manufacturing and mining and quarrying output. Meanwhile, the production of utilities and water supply recorded healthy growth.

Consequently, annual average growth in industrial output fell to 3.1% in March from 3.7% in February, marking the weakest record since December 2016.

Commenting on the release, economists at ING stated:

“The high frequency data points to a much sharper decline in April. Electric energy consumption was down by 5-6% YoY in late March. It collapsed by 20% YoY during the first two weeks of April, which points to much weaker industrial output.”

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