Poland: Industrial output grows at the slowest pace in nearly two years
August 18, 2011
In July, industrial production expanded a meagre 1.8% over the same month last year, which was below both the already disappointing 2.0% increase in June and market expectations of a 3.4% rise. In fact, industrial output grew at the slowest pace since October 2009. According to the statistical office, the deceleration reflected weaker external demand due to the economic slowdown in Germany, Poland's main trading partner. On a monthly basis, industrial production added a seasonally adjusted 0.4% over the previous month, which contrasted the 2.2% decline in June. Moreover, the trend continued to deteriorate, with annual average growth in industrial production falling from 9.1% in June to 8.4% in July.