Industrial production in Poland – October 2021

2021-11-22 10:00

publication
2021-11-22 10:00

Industrial production growth was the weakest since February
Industrial production growth was the weakest since February
photo: RedTC / / Shutterstock

October brought a further slowdown in industrial production growth in Poland. Factories continue to struggle with disruptions in global supply and production chains.

The value of sold industrial production was in October by 7.8 percent higher than the year before.
This is the lowest annual production dynamics since February. Production was also down 2.3 percent. higher than in September – informed the Central Statistical Office.

Nevertheless, the data released today turned out to be clearly better than the market consensus. Economists expected that industrial production in October was 5.4% higher than a year ago after an 8.8% increase in September and 13.2% y / y in August. It is worth noting that the statistics for August, July and June turned out to be lower than the market consensus.

Thus, the episode of record-high annual industrial output sold came to an end. In March there was an increase of 18.6%, in April the increase reached an absolutely record 44.5%, in May it was 29.8%, and the statistics for June showed an increase of 18.4%. yy. T.The high readings were largely due to the very low base effect. In spring 2020, as a result of the European lockdown, many industrial plants temporarily suspended or limited their production.

In the period January-October, the production value increased by 14.9%. yy. A year ago, at this time, production was 2.7 percent. lower than in the year before. On the other hand, after eliminating seasonal factors, the August industrial production was 9.8% higher than a year ago and by 2.0% higher than in September.

When analyzing data from industry, one has to take into account the declining base effect from last year. A year ago, in spring, we experienced a collapse in industrial production due to the European lockdown. Later, however, the factories went into full operation, so we are referring to much higher production levels.

– An increase in sold production (in constant prices) was recorded in 25 out of 34 industrial sectors, incl. in the production of chemicals and chemical products – by 21.9%, machinery and equipment – by 18.6%, paper and paper products – by 14.7%, coke and refined petroleum products – by 13.8%, products made of metals – by 13.0%, computers, electronic and optical products – by 12.1%, products from other non-metallic mineral raw materials – by 11.9%, in the production of metals – by 11.7%. – adds the Central Statistical Office.

– A drop in sold industrial production, compared to October last year, occurred in 9 sections, incl. in the production of motor vehicles, trailers and semi-trailers – by 19.5%, electrical appliances – by 3.1% – add Polish statisticians.

The strong decline in production in the automotive industry continued to weigh on the dynamics of the entire index. Car manufacturers struggle with component shortages – primarily semiconductors.

At the same time, the CSO informed about a very strong increase in producer prices. The so-called PPI inflation in October approached 12%. per year, clearly exceeding the expectations of most economists and setting a new record in the 15-year history of comparable statistics.

KK

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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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