German industry as bad harbinger for Polish economy
22:09
The industry in Germany still hasn't come out of the crisis. Moreover, this excavation in July slowed down. This may have negative consequences for plants located in Poland.
Among the recipients of our exports, Germany is not only the most important partner, but also a very faithful customer in the era of coronavirus. The share of the western neighbor's market in our exports increased to 28.2 percent in the first half of the year, from 27.7 percent a year before. Out of the top ten recipients of our products, only in the US and Swedish markets, Polish producers did better than in Germany, compared to 2019.
From January to June, we shipped goods worth €30.9 billion to Germany, and a significant part of them are semi-finished products for German factories. The condition of their industry is very important to us. Unfortunately, there is no good news.
German industry production increased by 1.2 percent in July compared to June, but this is "only 1.2 percent." Economists counted on 4.7 percent, so this result can be considered a disappointment. In June, the industry grew at a rate of 9.3 percent, so it can be said that after removing most of the coronavirus restrictions, recovery has stopped.
The year-on-year statistics are also bad. Sold industrial production in Germany fell by as much as 10 percent in July, compared to July 2019. The German automotive industry, which is important for Poland, although grew by 6.9 percent compared to June, but compared to February recorded a 15 percent decrease.
