Poland: Industrial output picks up in July
Industrial output expanded 1.1% year-on-year in July, which was above June’s 0.5% increase. The result marked the strongest increase since February. July’s acceleration largely reflected faster growth in manufacturing activity and a rebound in electricity, gas and utilities output. Meanwhile, mining and quarrying production fell at a softer, albeit still notable, pace in July.
On a seasonally-adjusted monthly basis, industrial output rose at a more moderate pace of 3.4% in July (June: +9.7% mom). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 2.0% in July, down from June’s minus 1.6% print and marking the lowest reading since December 2009.