Poland: Industrial output records slowest growth since February 2021 in October
November 24, 2022
Industrial output grew 6.8% compared to the same month a year earlier in October, which was a deterioration from September's 9.8% increase. October's outturn marked the worst reading since February 2021. The figure was largely due to weaker mining and quarrying output growth. In addition, electricity, gas and utilities production contracted at a sharper rate.
On a seasonally adjusted monthly basis, industrial production fell 1.1% in October (September: +0.3% mom), the worst result since May. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at an over one-year low of minus 1.1%, down from September's minus 0.6% reading.
Commenting on the release, economists ad ING stated:
“Poland’s industry was quite robust in 3Q22, driven by an improvement in global supply chains, but October might have been the last month of significant annual output growth. In the coming months, overall production is expected to suffer from a high base from last year's impressive (and hard-to-explain) output growth in the energy production section. ”