Poland: Industrial production picks up in May
June 17, 2011
In May, industrial production expanded 7.7% over the same month last year, which mainly reflected a strong manufacturing sector as well as an acceleration in mining and quarrying. The reading came in above the 6.6% growth observed in April and market expectations of a 7.6% increase. On a monthly basis, industrial production added a non-seasonally adjusted 2.6% over the previous month (April: -9.4% month-on-month), hence confirming the expansion implied by the annual figures. Nevertheless, the result came in below market expectations of a 2.8% increase in May. Furthermore, the trend deteriorated, with annual average industrial production falling from 10.6% in April to 10.2% in May.