Polish economy showing signs of a slowdown
The Central Statistical Office (GUS)
yesterday informed that industrial output in August was 3.7% lower than a year
ago, which is the first fall since April 2005, while analysts expected a
maximum fall of only 2.8%.
The main reason was the large number bank holidays, however, "This does not fully explain such a large fall in production," said Dariusz Winek, chief economist at BGŻ, who believes it is a result of the economical slowdown in the West. Activity is expected to increase only slightly in September and economists at BGK have lowered their GDP growth forecast for Q3 to 4.6%, and around 5% for Q4.
The main reason was the large number bank holidays, however, "This does not fully explain such a large fall in production," said Dariusz Winek, chief economist at BGŻ, who believes it is a result of the economical slowdown in the West. Activity is expected to increase only slightly in September and economists at BGK have lowered their GDP growth forecast for Q3 to 4.6%, and around 5% for Q4.
