Sold industrial production grew by just 1.7 percent year-on-year in June 2014, according to data from Poland’s Central Statistical Office (GUS). In month-on-month terms it declined by 0.1 percent.
Production in the construction sector grew by 8 percent y/y and by 16.9 percent m/m, GUS also said.
Analysts surveyed by the Polish Press Agency had expected industrial output to grow by 3.4 percent y/y and by 1.4 percent m/m.
Production growth in all sectors was disappointing, but the construction sector surprised on the upside, BZ WBK economists wrote in an e-mailed comment. “We are still awaiting results of June’s retail sales, but it seems that Q2 will show a slightly lower GDP growth. In our view, however, it will stay above 3%,” they said.