Industrial output growth higher than expected

Poland’s industrial output grew by 2.3 percent year-on-year in July, according to data published by the Central Statistical Office (GUS) on Wednesday. In month-on-month terms it grew by 2 percent. Economists had expected industrial production to rise by 1.9 percent y/y. Seasonally adjusted industrial output growth amounted to 2.2 percent y/y and by 1.1 percent m/m, GUS also said. Production in the construction sector grew by 1.1 percent y/y and by 0.9 percent m/m. BZ WBK chief economist Piotr Bielski told IAR that the past two months have been weaker, partially due to the tension in Ukraine. The figures show that Poland has not been able to compensate lower exports to the east with exports to the west, he said.