Industrial production in October. The pace of economic growth better than forecast

Industry in the pandemic only declined for three months, and it was fastest of all industries to return to pre-COVID-19 levels. The latest data from the Central Statistical Office show that the economic flywheel is turning slower and slower, but much faster than economists’ expectations.

  • The highest increase in production in October was recorded in the energy and heating industry. Year on year, the dynamics was almost 41%.
  • The industry grew by as much as 7.8%, which is much higher than the forecasts of economists
  • The automotive industry has fallen to fourth place in the production hierarchy in Poland
  • You can find more such stories on the Onet homepage

Industrial production increased by 7.8 percent in October. Every year – GUS reported on Monday. This is the slowest annual growth since February this year, but the data is very good. Average analysts’ forecasts indicated an increase of 5.3%. rdr, so expectations were much worse than reality.


Photo: Investing.com

The data is in constant prices, so do not take into account price increases. If you eliminate the influence of seasonal factors, the production in October was higher by 9.8 percent. and 2 percent higher than in September – the Central Statistical Office (GUS) reported.

See also: The EU industry started, but Germany stayed in the starting blocks. Our southern neighbors have even stepped back

The industry grew the most energy and heating. The dynamics here was 40.6 percent. yythanks to which this sector jumped to the second place in the hierarchy of Polish industry with a share of 8.1 percent. in production. Behind the food industry, which grew by 5.1 percent. y / y and was 14.9 percent. participation in industrial production.

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As energy use is growing, it is a good sign for the economy as a whole. In the period from January to October this year. sold production of industry was 14.9 percent. higher compared to the same period last year, when a decrease by 2.7% was recorded. – GUS reported.

Automotive getting lower

The condition of the industry indirectly indicates the relations in foreign trade, which then translate into GDP dynamics. Exports have to be very strong recently to make up for the increase in more expensive imports by the prices of energy resources. Unfortunately, one of the key export industries is in decline.

About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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