Year-on-year rise in July industrial output leaves economists unimpressed

Industrial output increased 1.1% year-on-year in July, a result deemed mediocre by economists, who now believe economic growth will not pick up significantly in the third quarter of this year. "Third quarter will not be much better than the second," said Bank Handlowy economist Katarzyna Zajdel-Kurowska. However, Krzysztof Rybinski, chief economist for ING Barings, believes that in the coming months the economy should be helped by the depreciation of the zloty against the euro and this is why it will eventually pick up. "In the fourth quarter, there is the possibility of economic growth as high as 4%-5%," said Rybinski. (Gazeta Wyborcza, Aug. 18-19, p. 25) T.J.