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Industrial output up by 7% y-o-y in March


Industrial output climbed by 7% y-o-y in March, a deceleration compared with the previous month, according to data from the Central Statistical Office (GUS). The market had anticipated a somewhat bigger increase, by about 9% y-o-y.

Compared with the corresponding period of 2010, output was up in 22 (out of 34) industrial sectors. Of the main sectors, the highest growth (up by 7.5% y-o-y) was noted in manufacturing, followed by water supply, waste management and remediation activities (up by 6.5% y-o-y) and electricity, gas, steam and air conditioning supply (up by 3.7% y-o-y). By contrast, in mining-quarrying production declined by 0.3% y-o-y.

In the case of the country’s manufacturing sub-sectors, particularly strong increases occurred in basic metals (up by 29.5% y-o-y) and furniture (up by 28% y-o-y), as well as in metal products (up by 20.6% y-o-y), other non-metallic mineral products (up by 19.3% y-o-y), rubber and plastic products (up by 18.5% y-o-y), and motor vehicles, trailers and semi-trailers (up by 17.2% y-o-y). On the other hand, production of machinery and equipment slumped by 10.9% y-o-y, that of coke and refined petroleum products declined by 6.3% y-o-y, electrical equipment by 4.1% y-o-y, while in the pharma sector output fell by 3.7% y-o-y.

In January-March industrial output grew by 9.2% y-o-y. We forecast that in 2011 as a whole industrial output will increase by 9.1%.

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