Polish industry still in good shape

Polish industry still remains in good shape, with a slight slowdown in March an effect of the war in Ukraine, economists from the Polish Economic Institute assessed Thursday’s data from the Central Statistical Office.

– Polish industry is still in good shape, and the slight slowdown in March is an effect of the war in Ukraine. Ukrainian workers in Polish factories decided to return to their homeland, exacerbating labour shortages. The conflict also worsened the economic situation in the European Union, which reduced the number of orders in Poland. Markit data show that the number of foreign orders fell by the strongest amount since mid-2020, PIE economists pointed out in a commentary.

According to the Central Statistical Office on Thursday, industrial production in March this year, compared to March last year, increased by 17.3 percent, and compared to the previous month it increased by 18.2 percent. A month earlier it was 17.6 percent and 3.6 percent, respectively.

The CSO also reported that seasonally adjusted industrial production in March rose 17.2 per cent y/y and 2.1 per cent mdm.

PIE notes that the strongest growth was recorded in the energy production and mining divisions, with weaker performance in the automotive industry.

– A major barrier to industrial growth is shortages of imported materials from China. In response to the rise in infections, the Middle Kingdom has imposed a strict lockdown in regions accounting for 40% of the country’s GDP. Factories and seaports have suspended work. The number of ships waiting to be loaded at the port of Shanghai is now the highest in five years. Deepening shortages will also slow down European industry, economists point out.

Source: PortalMorski.pl