After Wednesday’s labor market data, the market has received further evidence that the Polish economy is recovering from the pandemic downturn faster than anyone could have expected. Industrial production increased by 1.1 percent in July 2020. yd – informed the Central Statistical Office (GUS). Commentators predicted a decline.
Even before the publication, mBank’s economists, who were among the optimists in this regard, predicted that production would not change year on year, and the market consensus assumed a decline by 1.2%. Increase by 1.1% so it is a big positive surprise. In monthly terms, industrial production grew by 3.4%. – reports the Central Statistical Office.
Industrial production in Poland in July 2020 – GUS data
“After eliminating the influence of seasonal factors, in July this year the sold production of industry was 0.2% higher than in the corresponding month of the previous year and by 6.2% higher than in June this year.“- we read in the office’s announcement.
– The most important information, however, is that only 3 percent are missing from the pre-pandemic level. – Bank Pekao economists note.
In turn, ING Bank Śląski specialists argue that the higher reading is due to export industries, especially “a step-change improvement in the automotive industry.”
In the period of January-July this year. sold production of industry was by 5.2 percent. lower compared to the same period last year, when an increase was recorded by 5.1%.
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