April industrial output down by 7.8%, aggravated by strong zloty

The Central Statistical Office (GUS) has released figures indicating that Poland's unadjusted industrial output fell in April by 7.8% after a 14.7% hike in March. Year-on-year growth was 3.6%. The premature fall left economists dejected, since they had expected it at earliest in May. As a result of the April results, they now say that the goal of 7.7% industrial growth and 4.5% GDP growth in 2001 seems unreal. 'The data is disappointing. The fall is quite big, but we have to remember we had holidays in the middle [of the month] and business activity was lower,' said Monika Kwiatkowska, senior analyst at Standard & Poor's MMS. The situation is aggravated by a very strong zloty harmful to Polish export companies. In the first four months of 2001, the Producer Price Index was 3.6% higher than in the respective period in 2000. (Rzeczpospolita, May 19-20, p.B2; Reuters) J.K.