Polish industry records increase of over 44%
23:52
Industrial production in April 2021 increased by a record 44.5 percent y/y, and compared to the previous month it dropped by 9.2 percent, the Central Statistical Office (GUS) reported. Where did such a "shocking" figure come from in the GUS's reading? All because of the low base from a year ago. In April 2020, we experienced the height of the first coronavirus wave.
Analysts surveyed by PAP Biznes expected an increase in production in April by 45.0 percent y/y and a decrease of 9.7 percent on a monthly basis. The reading is therefore more or less in line with market assumptions.
The excellent result of the industry will be hard to repeat in the coming months, which of course does not mean that this branch of our economy will be ailing. Economists are full of optimism.
"Industry will drive the Polish economy for the rest of the year. We forecast that in June production growth will be close to 20 percent despite weaker statistical effects," Jakub Rybacki, an analyst from the PIE macroeconomics team, estimated.
