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Polish Output Growth Quickens in September on Stronger Recovery

Oct. 17 (Bloomberg) -- Polish industrial output grew faster last month in a sign that the recovery in the European Union’s largest economy is gathering pace.

Production rose 6.2 percent from a year earlier in September, accelerated from 2.2 percent the previous month and the second-fastest increase since January 2012, the Central Statistical Office in Warsaw said today. The output gain was below than the 7 percent median estimate in a Bloomberg survey of 33 economists. Output jumped 9.6 percent from August.

Growth in the $490 billion economy accelerated to 0.8 percent from a year earlier in the second quarter as the euro area, the destination for 51 percent of Polish exports, emerged from its longest recession on record. Manufacturing expanded the most in more than two years last month, HSBC Holdings Plc. said Oct. 1, citing a survey of purchasing managers.

“Higher output was supported by an extra working day” last month, Rafal Benecki, chief economist for Poland at ING Groep NV, said by e-mail before the data were released. “Still, even without this, there are clear signs of improvement.”

The zloty traded at 4.1744 per euro at 2:14 p.m. in Warsaw, little changed from before the release and 0.2 percent weaker than yesterday. The yield on two-year government zloty debt rose one basis point to 2.95 percent.

In a separate report, the office said producer prices dropped 1.4 percent from a year earlier in September, matching the median estimate of 27 economists surveyed by Bloomberg. Prices rose 0.2 percent from August.

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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