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Poland's industrial output growth eased in July, while producer prices climbed at a faster pace, data from the Central Statistical Office showed Wednesday.
Industrial production climbed 10.3% year-on-year in July, slower than the revised 14.3% growth in the previous month. According to earlier estimate, output in June was up 14.5%. However, the growth exceeded economists' expectations for a 12.1% increase.
Manufacturing output increased 10.9% annually in July, while mining and quarrying output rose 8.5%. Production in electricity, gas, steam and air conditioning supply grew 4.6%.
On a monthly basis, industrial production slipped 6.1%, compared to a 6.8% rise in June, which was revised from 7% rise estimated initially. Manufacturing output dropped 6.7% and mining and quarrying output rose 3.3%.
For the first seven months of the year, production increased 10.4% compared to the same period of the previous year. Construction output grew 0.8% on an annual basis in July and fell 3% month-on-month. In the January to July period, construction output slipped 5.7% over a year ago.
Separately, the statistical office reported that the producer price inflation accelerated to 3.9% in July from a revised 2.1% in June. The price growth in July was better than economists' forecast for a 3.1% increase. The June figure has been upwardly revised from 1.9% estimated initially.
Month-on-month, prices rose 0.3%, slower than the revised 1% increase in the previous month. Year-on-year, producer prices in manufacturing industry rose 2.7% and prices in mining and quarrying sector climbed 20%.
Production and supply costs of electricity, gas, steam and air conditioning supply 4.2% year-on-year. Similarly, prices in manufacturing, mining as well as utilities recorded an increase on a monthly basis.
Michal Boni, chief adviser to Prime Minister Donald Tusk, in an interview with the daily Dziennik Gazeta Prawna on Wednesday said that Poland's economy may have expanded by about 3.1% annually in the second quarter.
"In the second quarter Poland's GDP growth reached 3.1 percent, maybe a little bit more," Boni told the paper. "Exports are a main reason behind the good result."
Poland is the only nation in the European Union which remained undeterred by recession. The economy grew 1.7% in 2009. In the first quarter this year, the gross domestic product grew 3% year-on-year after rising 3.3% in the previous quarter. Sequentially, GDP rose seasonally adjusted 0.5%, following a 1.1% increase in the previous quarter.
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