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

Poland Industrial Production, Producer Prices Fall In August

09/19/2024 - 05:54:00 (RTTNews)

(RTTNews) - Poland's industrial production decreased more than expected in August after expanding in the previous month, while producer prices continued their steep falling trend, separate reports from Statistics Poland revealed on Thursday.

Industrial production fell 1.5 percent year-over-year in August, revering 5.2 percent rise in July. Economists had expected a 0.2 percent slight fall for the month.

Among sectors, output produced in the mining and quarrying sector alone contracted by 7.8 percent annually in August, and that of the manufacturing sector slid by 1.7 percent. On the other hand, production in the utility sector advanced by 0.2 percent.

On a monthly basis, industrial output decreased 5.2 percent in August versus a 3.0 percent fall in July.

In a separate report, the statistical office revealed that producer prices declined at a stable rate of 5.1 percent annually in August versus an expected fall of 4.8 percent.

A decrease of 10.8 percent in prices in the utility sector triggered the yearly decline. Prices for the mining, quarrying, and manufacturing sectors also fell by 5.1 percent and 4.4 percent, respectively.

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

Separate data revealed that average gross wages and salaries in the enterprise sector grew 11.1 percent annually in August, versus an expected hike of 10.8 percent.

The average paid employment in the enterprise sector dropped 0.5 percent in August, faster than the 0.3 percent fall expected by economists.

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