Industrial output makes significant gains in November, beats expectations

Industrial output grew by 11.3% yoy in November as compared to growth of just 3.5% yoy in October, and surpassed analysts' expectations of a rise of 10%. Industrial output continues to increase most dynamically in the processing industry. Manufacturers of vehicles recorded the largest growth of over 30%, while the sales of the producers of leather, clothes and coke coal decreased. Other positive changes were observed in the construction industry where production grew by over 4%. Analysts generally consider the November data as favorable. "In production we have a solid increasing trend and it looks that for the time being the strong złoty isn't harming industry," stated Maciej Krzak, the chief economist with Bank Handlowy. Most analysts predict that GDP will grow by around 4.8% in Q4. (Parkiet, p.7; Rzeczpospolita, December 18-19, p.B2) E.B.