Polish industrial production rebounds in June: stats office

Industrial production in Poland rose 0.5 percent in June compared with the same month a year earlier, the country’s Central Statistical Office (GUS) reported on Monday, bolstering hopes of a swift recovery from the coronavirus crisis.

In month-on-month terms, Polish industrial production in June was 13.9 percent higher than in May, according to the Central Statistical Office.

In month-on-month terms, Polish industrial production in June was 13.9 percent higher than in May, according to the Central Statistical Office.Photo: PAP/Grzegorz Momot

As the economy emerges from the COVID-19 shutdown, the figure was far better than forecast by analysts, who had expected a drop of 6.5 percent amid the coronavirus pandemic, Poland’s PAP news agency reported.

In month-on-month terms, Polish industrial production in June rose by 13.9 percent compared with May, according to the Central Statistical Office.

The latest batch of economic data came after the state-run statistics agency reported on Friday that employment in Polish companies dropped by 3.3 percent in June on average in year-on-year terms, while edging up by 0.2 percent from a month earlier.

The Polish labour minister said last month that some 5 million jobs had been saved in Poland thanks to measures including a massive relief and stimulus package that aims to shield the economy from the coronavirus.

The European Commission this month predicted that the Polish economy would shrink by 4.6 percent this year amid the coronavirus crisis, marking the smallest contraction in the 27-nation European Union.

Poland’s central bank last week estimated that the country’s GDP would contract by 5.4 percent this year, but grow by 4.9 percent in 2021.

The Polish economy grew 2 percent in the first quarter of this year, the country’s Central Statistical Office reported at the end of May.

(gs)

Source: PAP

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