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Moderate industrial output growth anticipated


In the first three quarters of 2008, industrial output rose by 6.8% y-o-y. In our view, the acceleration in industrial output growth in September was largely a statistical effect, caused by a low reference base and a higher number of working days compared with the same period a year ago. In the light of the anticipated weakening of exports, we predict that in the coming months industrial output growth will remain at a moderate level of below 5% y-o-y.

Paweł Sionko
Construction Market Analyst, PMR

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