Polish Industrial Output Grows for Third Month in Recovery Sign
Polish industrial output increased for a third month in August in a sign that the recovery in the European Union’s largest economy is gathering pace.
Production rose 2.2 percent from a year earlier after increasing 6.3 percent in July, the Central Statistical Office in Warsaw said today. That’s less than the 2.7 percent median estimate in a Bloomberg survey of 32 economists. Output declined 4.5 percent from the previous month.
Growth in the $490 billion economy accelerated in the second quarter to 0.8 percent as the euro area, the destination for 51 percent of Polish exports, emerged from its longest recession on record. Manufacturing expanded the most since July 2011 last month as new orders soared, HSBC Holdings Plc. said Sept. 2 in its purchasing managers survey.
“Leading indicators for manufacturing are showing that there is potential for significant acceleration of growth in coming months,” Rafal Benecki, chief economist for Poland at ING Groep NV, said by e-mail before the figures were released.
The zloty traded at 4.2320 per euro at 3:41 p.m. in Warsaw, 0.5 percent lower than yesterday. The yield on two-year government zloty debt rose 1 basis point to 3.09 percent.
In a separate report, the office said producer prices dropped 1.1 percent from a year earlier in August, more than the 0.7 percent median contraction predicted by 26 economists surveyed by Bloomberg. Prices declined 0.3 percent from July.
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