Financial News: Poland Industrial Production Grows; Producer Prices Fall F

Poland Industrial Production Grows; Producer Prices Fall Further

08/21/2024 - 06:29:00 (RTTNews)

(RTTNews) - Poland's industrial production increased less than expected in July after remaining stagnant in the previous month, while producer prices continued their steep falling trend, separate reports from Statistics Poland revealed on Wednesday.

Industrial production rose 4.9 percent year-over-year in July, following a flat change in June. Meanwhile, economists had expected 7.3 percent growth for the month.

Among sectors, output produced in the manufacturing segment alone grew by 5.0 percent annually in July, and that of the utility sector rose by 1.6 percent. Production in the mining and quarrying sector expanded by 2.3 percent.

On a monthly basis, industrial output decreased 3.3 percent in July versus a 3.0 percent fall in June.

In a separate report, the statistical office revealed that producer prices declined 4.8 percent annually in July, slower than the 5.8 percent slump in the prior month.

A decrease of 12.8 percent in prices in the utility sector triggered the yearly decline. Prices for the mining, quarrying, and manufacturing sectors also fell by 4.0 percent and 3.9 percent, respectively.

On a month-on-month basis, producer prices moved up 0.4 percent.

Separate data revealed that average gross wages and salaries in the enterprise sector grew 10.6 percent annually in July, versus an expected hike of 10.8 percent.

The average paid employment in the enterprise sector dropped 0.4 percent in July, as expected.

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