Retail sales values in April were 5.5 percent higher (in fixed prices) than a year ago, while the value of industrial production sold increased by 6.0 year to year – show latest GUS figures. – After disappointing result in industry and retail sales in March, in April we were dealing with a relatively strong bounceback which was, however, partially a result of a strong statistical base. In spite of this, today’s data justifies a more optimistic outlook on Poland’s economic conditions and dispels fears of the possibility of a downturn in the near future – comments Łukasz Kozłowski, economic expert of Employers of Poland.
Non-statistical factors surely had a bearing on these results, as the growth rate far exceeds earlier expectations. Such a good showing in industrial production is not consistent with the assessment of the situation in the sector, particularly as the April PMI index was disappointingly low.
Industrial production sales are still negatively influenced by the very bad condition of the coal mining sector, while the garment, furniture and automotive industries can be regarded as growth leaders.
Moreover, the figures in question indicate a gradual extinguishing of deflation in producer prices. The prices of sold production are decreasing at the lowest rate since the start of the year – they fell only by 1.2 percent year to year, and by 1.9 percent in March, after recent corrections.
Łukasz Kozłowski, economic expert of Employers of Poland