Industrial output increase - seasonal peak or the beginning of a recovery?

The Central Statistical Office (GUS) yesterday announced that industrial output in July increased by 2.9% compared to June, which means that the year-on-year increase stands at 6%, better than the 4% that was expected by analysts. This result has been met with guarded optimism, with analysts saying it is necessary to wait another few months before announcing the beginning of a recovery. However, the results are promising as production increased in twenty-one out of twenty-nine sectors examined. Paper mills recorded the best figures with output soaring by 149% compared to July 2001. Suppliers of office equipment, computers and transport enterprises also noted very good results. Meanwhile, crude oil refineries, coal mines and power plants noted a downturn, but in the summer months this is not surprising. July was also the first month in the last two years when the sale of new cars increased - its level was 9% higher than for the same period last year. (Prawo i Gospodarka, pp. 1, 4, 5) A.D.