Poland: Industrial output growth slows in September
Industrial output grew 9.8% in year-on-year terms in September, which was a deterioration from August’s 10.9% increase. The reading was partly driven by a deterioration in mining and quarrying production growth. In addition, manufacturing output weakened.
On a seasonally adjusted monthly basis, industrial production rose at a softer pace of 0.2% in September (August: +0.7% mom). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 0.6% in September, down from August’s minus 0.4% reading.
Commenting on the release, economists ad ING stated:
“The performance of industry in the third quarter should be assessed as solid and raises the prospect of a final quarter GDP growth rate of well above 3% year-on-year. […] However, this does not change the fact that we are facing a gradual downturn and the coming quarters will be difficult for the domestic economy. ”