Industrial production down 2.7% y/y and 8.5% m/m in July

Industrial production in July 2023 decreased by 2.7% compared to July 2022 and by 8.5% compared to the previous month, according to the Central Statistical Office (GUS). Experts from mBank noted that the industrial production index behaves similarly to the overall production index, and economists from the Polish Economic Institute (PIE) commented that the weak July industrial production results are a result of deteriorating global economic conditions.

They predicted only a slight improvement in the coming quarters. Automotive and investment goods manufacturers are expected to perform better in the coming months due to increased investments in Poland. However, new orders in these sectors are currently smaller than current production levels, PIE experts added.

Source: wnp.pl