Stats point to stagnation in industry, foreign trade

The sold output of industry rose 0.2% in April, year-on-year on an unadjusted basis, the Central Statistical Office (GUS) revealed, showing that the economic slowdown is continuing. The data came as a bitter disappointment, as this year's April had one work day more than last year's, leading analysts to predict an increase of some 3.7%. The statistic, along with a minimal rise in prices of industrial output, which reached 0.4% in April, will possibly contribute to pressure on the Monetary Policy Council (RPP) to cut interest rates and therefore weaken the zloty. This goal appears to be needed, as perceptions of stagnation have been supported by data showing a decrease in foreign trade. In the first quarter of the year exports stood at $8.8 billion, nearly 4.5% less than in 2001, while imports were down 5.2% to $9.2 billion. (Rzeczpospolita, pp. B1, B3; Reuters) M.K.