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Weaker industrial output figures a result of frosty winter


Industrial output growth slowed sharply in February after a strong increase in January. Although the weaker February figures partly reflect lower order inflows, a trend reported by companies over the past several months, in our view the main factor was a deterioration of weather conditions. Just as relatively mild weather stimulated output for much of January, the frost snap that came the following month brought a lot of outdoor business activity to a standstill, thus hurting industrial output particularly in sectors related to construction. We expect industrial output to recover in March, helped by more benign weather conditions and a lower base of comparison, though the scale of the increase will be moderated by fewer working days compared with a year earlier.

Paweł Sionko
Construction Market Analyst, PMR

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