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Financial News: Poland's Industrial Output Rises Unexpectedly; PPI Drop

Poland's Industrial Output Rises Unexpectedly; PPI Drop

08/20/2020 - 08:14:00 (RTTNews)

(RTTNews) - Poland's industrial production grew unexpectedly and producer prices continued to fall in July, data from Statistics Poland showed Thursday.

Industrial production grew 1.1 percent on year in July, confounding expectations for a decline of 1.2 percent. On a monthly basis, industrial output climbed 3.4 percent in July.

The annual growth was driven by a 1.1 percent rise in manufacturing, and 1.8 percent increase in electricity output. Meanwhile, mining and quarrying output dropped 5.7 percent.

Producer prices fell 0.4 percent on year in July after easing 0.8 percent in the previous month. Prices were expected to drop 0.5 percent.

Mining and quarrying prices advanced 5 percent and electricity, gas and utility prices gained 2.1 percent. The increases were offset by 1.4 percent fall in manufacturing prices.

Month-on-month, producer prices rose 0.3 percent after a 0.4 percent increase in June.

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