Financial News: Poland Industrial Output Shrinks Unexpectedly; Producer Pr

Poland Industrial Output Shrinks Unexpectedly; Producer Prices Fall Further

(RTTNews) - Poland's industrial production logged an unexpected and renewed contraction in November, while producer prices continued their falling trend, separate reports from Statistics Poland revealed on Thursday.

Industrial production fell 1.1 percent year-over-year in November, reversing a 3.3 percent growth in October. Moreover, this was the first decrease in five months. Meanwhile, economists had expected a slower growth of 2.7 percent.

Among sectors, output produced in the manufacturing sector shrank by 1.4 percent annually in November, and that of the utility sector dropped by 2.1 percent. On the other hand, mining and quarrying output grew by 4.8 percent.

On a monthly basis, industrial output plunged 9.3 percent in November, in contrast to a 5.5 percent growth in October.

In a separate report, the statistical office revealed that producer prices declined at a faster pace of 2.4 percent annually in November versus a 2.2 percent decline a month ago. The expected fall was 2.5 percent.

Prices for the mining, quarrying, and manufacturing sectors fell by 4.6 percent and 2.4 percent, respectively. Similarly, prices for utilities slid by 1.9 percent.

On a month-on-month basis, producer prices dropped 0.3 percent.

Separate data revealed that average gross wages and salaries in the enterprise sector grew 7.1 percent annually in November, versus an expected hike of 6.2 percent.

The average paid employment in the enterprise sector dropped 0.8 percent in November, slower than the expected fall of 0.9 percent.

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