Poland’s industrial production grew an unadjusted 1.5% y/y in August, adding 0.4pp to the annual reading from July but still below consensus, which assumed an annual expansion of 2.7%, statistical office GUS said on September 18.
Data confirm the expected slowdown in the dynamic production increases seen in May-July, which resulted from the increased number of orders that filled the industrial pipeline after lockdown as well as meeting pent-up demand.
When adjusted for working days, industrial production grew 1.8% y/y in August, after inching up 0.2% y/y the preceding month. The monthly reading showed an unadjusted fall of 5.8% (+3.4% in July) but a gain of 0.6% upon adjustment (+6.2% in July).
Broken down by the main segments, output grew 2% y/y in manufacturing and 6.2% y/y in water supply and waste management.
A fall of 2.7% y/y in the utility sector and production dropping 10.7% y/y in mining and quarrying held back the headline figure.
Growth is attributed to the strong recovery in the automotive sector, which saw output rise 0.6% y/y, up from -15.2% in June.
Overall, production increased in 21 out of 34 industrial segments in August in y/y terms.
In January-August, industrial production retreated 4.5% y/y.