Industrial output increases but not as fast as expected
The Central Statistical Office (GUS) announced that in July, industrial output increased by 5.6 percent y-o-y, while analysts were expecting 7.5 percent growth, and to make matters worse, the result dropped by 3.4 percent each month.
"The data is slightly worse than forecast, but not frightening. Some slowdown should have been expected after poor data from the Euro-zone and the strengthening of the złoty," said Aleksandra Świątkowska, economist of PKO BP.
According to Deputy Finance Minister Katarzyna Zajdel-Kurowska, one should not be worried about the economic growth and in her opinion the GDP growth of 5.5 percent for 2008 is not under threat. "A negative scenario is thus being carried out. Data taking into account seasonal factors, such as the number of working days shows that July was one of the two worst months for the production sector in over three years," said Grzegorz Maliszewski, economist with Bank Millennium.
Sources: Puls Biznesu, Rzeczpospolita, Parkiet (M.M.)
"The data is slightly worse than forecast, but not frightening. Some slowdown should have been expected after poor data from the Euro-zone and the strengthening of the złoty," said Aleksandra Świątkowska, economist of PKO BP.
According to Deputy Finance Minister Katarzyna Zajdel-Kurowska, one should not be worried about the economic growth and in her opinion the GDP growth of 5.5 percent for 2008 is not under threat. "A negative scenario is thus being carried out. Data taking into account seasonal factors, such as the number of working days shows that July was one of the two worst months for the production sector in over three years," said Grzegorz Maliszewski, economist with Bank Millennium.
Sources: Puls Biznesu, Rzeczpospolita, Parkiet (M.M.)
