Economy in holiday mood

21-08-2008, 13:43

Industrial production was worse than forecasts. Companies are slowing down and it won’t change soon.

Industrial production in July rose 5.6 percent year-on-year, the central statistical office GUS said. As compared to previous month, it dropped as much as 3.4 percent while analysts had expected it would fall 1.9 percent. In February and March, the dynamics were poor as well but then it was because of shorter month and holidays. Economists say that now the reason is the slowing down economy.

“The data are slightly worse than forecast but they are not threatening. We expected some weakening because data from the euro zone were worse and the zloty appreciated”, Aleksandra Swiatkowska, PKO BP analyst said.

Electric energy, gas and water utilities did much worse than expected.

“Production dropped 10 percent year-on-year. However, the data of industrial companies are close to forecasts”, PKO BP economist added.

Katarzyna Zajdel-Kurowska, deputy minister of finance, does not worry about economy.

“There is no threat that the GDP in 2008 won’t amount to 5.5 percent as planned in the budget”, she said.

“The economy is slowing down. The black scenario is happening. July was one of the worst two months in over three years”, Grzegorz Maliszewski, Bank Millennium economist believed, however.

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