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Polish Industry Grows Most in 18 Months as Recovery Gathers Pace

Aug. 20 (Bloomberg) -- Polish industrial output increased the most in 18 months in July in a sign that the European Union’s largest eastern economy is recovering from a slowdown.

Production rose 6.3 percent from a year earlier after increasing 3 percent in June, the Central Statistical Office in Warsaw said today. That’s above the 5.3 percent median estimate in a Bloomberg survey of 30 economists. Industry grew 1.5 percent from the previous month.

Economic growth accelerated from a four-year low in the second quarter as the euro area, Poland’s biggest trading partner, exited a record-long recession, the statistics office said last week. The central bank ended a nine-month cycle of interest-rate cuts in July, with Governor Marek Belka saying that “the road to recovery is open.”

The zloty extended gains after the data were released, trading at 4.2255 per euro at 2:05 p.m. in Warsaw, appreciating 0.6 percent from yesterday. The yield on two-year government zloty debt fall 4 basis points to 3.09 percent.

In a separate report, the office said producer prices dropped 0.8 percent from a year earlier, less than the 0.9 percent median contraction predicted by 26 economists surveyed by Bloomberg. Prices advanced 0.2 percent from the previous month.

Improving demand from abroad helped Poland record its third monthly trade surplus in June, the first time this has happened since the data series began in 2000. Manufacturing expanded for the first time in 16 months in July as new orders increased, HSBC Holdings Plc said on Aug. 2, citing data compiled by Markit Economics.

To contact the reporter on this story: Piotr Skolimowski in Warsaw at pskolimowski@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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