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Financial News: Poland Industrial Output Growth Slows Less Than Forecast;

Poland Industrial Output Growth Slows Less Than Forecast; PPI Rises Strongly

08/19/2022 - 06:40:00 (RTTNews)

(RTTNews) - Poland's industrial production growth moderated less-than-expected in July, while the producer price index continued its rising trend, though at a slower pace than in the previous month, data from Statistics Poland revealed on Friday.

Industrial production grew 7.6 percent annually in July, following a 10.4 percent increase in June. Economists had expected the growth to ease to 7.4 percent.

Among sectors, mining quarrying output registered a double-digit growth of 22.0 percent, and output produced in the manufacturing was 7.4 percent higher compared to last year.

Electricity, gas, steam and air conditioning supply output and water supply grew 7.7 percent and 3.2 percent, respectively.

On a monthly basis, industrial output fell 6.5 percent in June, after a 0.3 percent drop in the prior month.

In a separate report, the statistical office revealed that producer price inflation eased slightly to 24.9 percent in July from 25.6 percent in June. The expected increase was 25.3 percent.

Prices in mining and quarrying grew 22.5 percent and manufacturing prices gained 21.3 percent.

Prices for electricity, gas supply, steam and air conditioning, and water supply, sewerage and waste management prices surged by 60.1 percent and 5.8 percent, respectively.

On a month-on-month basis, producer prices rose 0.9 percent in July, following a 1.6 percent gain in the previous month.

Data also showed that average gross wages and salaries in the enterprise sector rose 15.8 percent yearly and by 3.4 percent monthly in July.

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