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Polish output nine percent up
Poland's economy ministry said it saw May's production growth at around 9.0% y/y vs. April's 14.9%, the ministry said in its comments to Wednesday's data. It expects producer prices to increase faster than the 2.5% growth reported for April.
The National Bank of Poland (NBP) expects industrial output to continue to grow fast in the next few months, at around 10% y/y, first deputy governor Piotr Wiesiolek said.
The industrial output data strengthened bank economists’ expectations that interest rates will remain flat next week - with the next policy tightening move still expected in June. They attributed a huge difference between the March and April production growth to the lower number of working days in March and the fact that Easter was in March this year compared to April a year before.
The view that the central bank will not hike the key policy rate next week was also supported by the lower-than-expected PPI inflation and net core inflation.
