Industrial output 8.1% lower than March, but better than analysts expected

The Central Statistical Office (GUS) said on Friday industrial output in April was 8.1% lower than in March, but 5.5% higher than in April 1999. This was a pleasant surprise for analysts, who expected the April figure could be over 10% lower than March. The reason analysts expected lower output in April is that it is three working days shorter than March. Considering this difference, industrial output in April may actually have been higher than in March, analysts said. The GUS data seems to show that the ailing Polish exports may finally be on the rebound. "Some increase in exports is taking place, but it is too early for a clear diagnosis," said ING Barings economist Krzysztof Rybinski. "If the increase in production is a result of an increase in foreign demand, then it is good news. If it is an effect of higher domestic demand, then maybe the economy needs to be cooled down," he said. (Gazeta Wyborcza, May 20-21, page 32) T.J.