Poland's seasonally adjusted industrial output inched down by 0.3% m/m in November of 2013 and was up by 4.4% in annual terms (vs. annual growth of 4.3% a month earlier), according to the data of Eurostat.
In the entire European Union, the output was up by 1.5% m/m and up by 3.0% y/y in November.
According to seasonally unadjusted figures earlier presented by stats office GUS, November saw a monthly drop of industrial output by 6.2% m/m and a growth of 2.9% in annual terms (vs. market consensus of 1.2% y/y).
Poland's industrial output has been growing since June (by 2-6% y/y according to seasonally unadjusted figures and by 3-5% according to Eurostat's data). Notwithstanding the fluctuations, this indicator is perceived as one of the key factors confirming that Poland's economic recovery is actually taking place. It is also a confirmation of the recovery's gradual character.
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