Industrial output drops 5.5% in November as recessionary pressure mounts

Polish industrial output fell by 5.5% in November compared to October and 0.8% year-on-year, the Central Statistical Office (GUS) informed Tuesday. Construction output declined by a much larger margin of 17.7% compared to October and by 9.8% compared to the previous year. "Declines such as this are due to a difference in working days," said Societe Generale economist Marcin Mroz. "I am not surprised by this, and I'm maintaining my forecast of 1.1% GDP growth in 2001." Bank Handlowy economist Katarzyna Zajdel-Kurowska foresees a similar level of GDP growth, underlining that the economy is still under recessionary pressure. Product prices fell in November by 0.4% compared to October. This is attributed to a strong zloty and cheap oil, both of which contribute to reduced costs. (Gazeta Wyborcza, p. 20), M.T.