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Double digit decline expected for industrial output


In the first quarter of the year industrial output slumped by 10% y-o-y. In our view, the softening of the falling trend observed in March was largely a statistical effect, associated with a significantly lower reference base and a higher number of working days compared with a year ago. We expect that in April, when both of these factors will exert a negative impact, industrial output will again decline by double digits. According to our forecasts, in 2009 industrial output will shrink by 6.9%.

Paweł Sionko
Construction Market Analyst, PMR

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