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High growth in industrial output


2005-08-01

In June this year industrial production increased 6.8% y-o-y and 8.8% in comparison with May 2005, the Central Statistics Office (GUS) has announced. Compared to the low growth rate in output in the previous month (0.9%), the June figures are very promising. The majority of analysts had expected smaller increases in these indicators. According to Monetary Policy Council member, Jan Czekaj, the upswing in output in June may signify an end to negative trends in the real sphere. However, we must wait for further macro data before making final prognoses for economic growth this year.

In June, seasonally-adjusted industrial production rose by 3.9% y-o-y and by 2.5% m-o-m. In the analysed month the Producer Price Index (PPI) grew 0.1% y-o-y, as against a 0.5% y-o-y fall in May. In monthly terms production prices in June increased by 0.3%.

In comparison with June 2004 sales growth was noted in 18 of 29 sectors in industry. Also worthy of note is the improvement in construction, where after a seasonal decline the last two months have seen a very high dynamic in construction-assembly production (29.9% y-o-y growth in June). This may be evidence of the fact that firms have begun their long-awaited investments.



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