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Industrial output up by 10.3% y-o-y in January


Industrial output climbed by 10.3% y-o-y in January, approximately one point slower than in the previous month, according to data from the Central Statistical Office (GUS). The figure exceeded market expectations, which were for an increase of 9.7% y-o-y.

Compared with the corresponding period of 2010, output was up in 29 out of 34 industrial sectors. Of the main sectors, the highest growth (by 11.9% y-o-y) was noted in mining-quarrying, followed by manufacturing (up by 11.4% y-o-y). In water supply, waste management and remediation activities output increased by 5.8% y-o-y. In electricity, gas, steam and air conditioning supply it edged up by 1.1% y-o-y.

In the case of the country’s manufacturing sub-sectors, particularly strong increases occurred in other non-metallic mineral products (up by 42.6% y-o-y), motor vehicles (up by 24.4% y-o-y), metal products (up by 22.5% y-o-y), and rubber and plastic products (up by 21.6% y-o-y). Solid double-digit growth was also noted e.g. in electrical equipment (up by 15.4% y-o-y) or chemicals and chemical products (up by 13.2% y-o-y). On the other hand, production of tobacco plunged by 15.5% y-o-y, output in the pharmaceutical sector slumped by 12.8% y-o-y, while in coke and refined petroleum products it was down by 5.4% y-o-y.

In 2010 industrial output rose by 9.8% y-o-y. According to our forecasts, industrial output will grow by 8.7% this year.

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