Industrial output is growing but the economy appears to be slowing

Economists however disagree on how to assess the data. "It confirms the economy is slowing down. Industrial output will record very low growth rates for five months, similar to retail trade," said Stanisław Kluza, chief economist with bank BGŻ. He went on to say that GDP growth will fall substantially below 4%. "This is good data. Despite the statistical data distortion from last year when industrial growth had a higher growth dynamics in H1, the economy posted an improved result," said bank Pekao's Jacek Wiśniewski. Piotr Bielski from BZ WBK claims that sluggish industrial output growth will be observed in H1, but it should accelerate in the second half of the year and thus the GDP will grow by 5%. Despite the expected pressure on the Monetary Policy Council (RPP) to cut interest rates, analysts do not forecast they could be lowered anytime soon. (Puls Biznesu, pp. 1, 10) M.M.