2:46 22 May 2026
Industry cools after March surge
Poland's statistical office (GUS) reported that industrial output rose 3.1% year-on-year in April 2026 — a significant step down from March's revised 7.5% gain and below analyst forecasts of around 4.1%. On a month-to-month basis, production fell 7.4%. GUS noted that April had one fewer working day than March, partly explaining the drop, but analysts at ING Bank Śląski cautioned that the underlying trend is weaker than the March reading suggested — which itself was revised down from a headline 9.4%.
Cumulative growth for the first four months of 2026 stands at 3.0% year-on-year. Bright spots included coal mining (+27.1% y/y) and transport equipment (+15.5%), while motor vehicle production contracted 2.4%. Economists flagged intensifying competition from Chinese imports and sluggish demand from Germany as structural drags. Construction output, however, surprised positively, rising 4.5% y/y.
