Industrial output up 5.1% in December

The Central Statistical Office (GUS) has announced that industrial output increased by 5.1% in December 2002 while output as a whole rose by 1.5% year-on-year. It is significant that this growth can be attributed to the processing sectors of the economy, which sold 6.7% more in December and 2.1% more over the whole of 2002. Two remaining sectors have recorded a drop in production sold - 3.6% in the case of mining and 0.2% in the energy sector. The output of the construction sector fell by 10.5% both in December and over the year as a whole. The positive data has not substantially influenced GDP forecasts, either for Q4 or for the whole of 2002. According to analysts, the economy grew by 1.9% - 2% in the final quarter of 2002 and by 1.3% across the whole year, leading the market to expect a further cut in interests rates in the coming months. (Rzeczpospolita, pp. A1, B1; Reuters) M.M.