In January industrial production in the EU rose by 0.1 per cent while in the euro zone it dropped by 0.2 percent - Eurostat reported on Wednesday. - Much weaker than expected results in eighteen EU countries (an increase of 0.5 per cent was expected) are a worrying signal demonstrating the continuing weakness of many European economies - says Łukasz Kozłowski, expert of the Employers of Poland. He adds, however, that Poland stands out very positively.
Despite those poor results the so called third bottom of the recession in the euro zone seems an unlikely scenario. As long as the process of coming out from the debt crisis continues, we cannot expect a dynamic and stable growth in the European Monetary Union countries.
Poland stands out very positively - production increased by 6.4 per cent year to year. It is the third highest result among the EU countries with only Luxembourg and Romania ahead of us. The condition of Polish industrial sector is good, as confirmed by the latest PMI readings, which is already close to its historic highs indicating a rapid pace of improvement.
The major cause for concern are figures for France. Their industrial production declined by 1.4 percent on last year’s figures, whereas in Germany it rose by 4.2 percent. Figures indicating bad state of the French economy are not a random statistical anomaly but part of a wider trend, which could already be observed in the last months of the previous year. Currently, the only positive thing is that the weakness of France is to a great extent balanced by the strength of Germany.
Łukasz Kozłowski, xxpert of the Employers of Poland