Industrial production in Poland continues to grow

Industrial production in Poland continues to grow. CIS reported growth of 29.8 percent in May compared to the same month of the previous year. Compared to the previous month of April (44.5 percent increase), it was slightly lower at 0.8 percent.

As in April, the high growth in May was largely an effect of the extremely low base of comparison in the previous year. In April 2020 industrial production had fallen by around a quarter, compared with just under 20 percent in May. However, even if this circumstance is disregarded, the result can be considered as very positive. Poland is also in an excellent position within comparison to the EU. 31 out of 34 industry groups achieved growth. The highest growth rate, at around 104 percent, registered the automotive industry, which suffered the greatest decline of almost 60 percent in the same period of the previous year, followed by the furniture industry with 125.8 percent. This then followed by electronics, optical and electrical equipment sectors.

In addition to the inflation indicators in the food, consumer goods and services sectors, the inflation trend among manufacturing producers is also increasingly coming under statistical scrutiny. Following already strong price growth in April (5.5 percent), prices of manufacturing output sold rose another notch in May to 6.5 percent, CIS reports. This is the highest growth in nearly 10 years. The price increase was highest for coke and refined products (70 percent), followed by metal goods (19.6 percent) and chemical products and chemicals (10.6 percent).

Source: Wirtschafts-Markt Polen (09-2021 Ausgabe 296)

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