Financial News: Poland's Industrial Production, Producer Prices Fall In N

Poland's Industrial Production, Producer Prices Fall In November

12/19/2024 - 06:02:00 (RTTNews)

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

Industrial production fell 1.5 percent year-over-year in November, reversing a 4.7 percent growth in October. Meanwhile, economists had expected a smaller decline of 0.2 percent.

Among sectors, output produced in the mining and quarrying sector alone contracted by 7.9 percent annually in November, and that of the manufacturing sector dropped by 1.9 percent. On the other hand, production in the utility sector advanced by 5.6 percent.

On a monthly basis, industrial output fell 5.4 percent in November, in contrast to a 9.9 percent surge in October.

In a separate report, the statistical office revealed that producer prices declined at a slower pace of 3.7 percent annually in November versus a 5.1 percent decline a month ago. The expected fall was 3.9 percent.

A decrease of 11.4 percent in prices in the utility sector triggered the yearly decline. Prices for the mining, quarrying, and manufacturing sectors also fell by 4.5 percent and 2.7 percent, respectively.

On a month-on-month basis, producer prices rose 0.5 percent.

Separate data revealed that average gross wages and salaries in the enterprise sector grew 10.5 percent annually in November, versus an expected hike of 9.9 percent.

The average paid employment in the enterprise sector dropped 0.5 percent in November, slower than the expected drop of 0.6 percent.

Data released earlier by the National Bank of Poland showed that the country's core inflation, which excludes food and energy prices, rose to 4.3 percent in November from 4.1 percent in October.

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