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Financial News: Poland Industrial Production, Producer Prices Fall In May

Poland Industrial Production, Producer Prices Fall In May

06/20/2024 - 06:30:00 (RTTNews)

(RTTNews) - Poland's industrial production decreased unexpectedly in May after rebounding strongly in the previous month, while producer prices continued their steep falling trend, separate reports from Statistics Poland revealed on Thursday.

Industrial production dropped 1.7 percent year-over-year in May, reversing a revised 7.8 percent rise in April. Meanwhile, economists had expected a 1.5 percent increase for the month.

Among sectors, output produced in the mining and quarrying segment fell by 2.3 percent annually in May, and that of the manufacturing sector contracted by 1.9 percent. Similarly, production in the utility sector slid by 2.3 percent.

On a monthly basis, industrial output declined 4.6 percent in May versus a 2.3 percent fall in April.

In a separate report, the statistical office revealed that producer prices declined 7.0 percent annually in May, following an 8.5 percent slump in the prior month.

A decrease of 15.1 percent in prices in the utility sector triggered the yearly decline. Prices for the manufacturing sector also fell by 6.2 percent.

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

Separate data revealed that average gross wages and salaries in the enterprise sector grew 11.4 percent annually in May, versus an expected hike of 11.6 percent.

The average paid employment in the enterprise sector dropped 0.5 percent in May, while the expected drop was 0.4 percent.

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