Limited growth in Poland's industrial output

Poland's industrial output growth in May was mainly driven by growth in manufacturing (1.4% yoy) and mining (3.2% yoy). Accorrding to Societe Generale, the overal industrial output growth to have increased to 3.9% yoy in May from 2.3% in April (-0.1% mom), and the bank further notes that PMI has decreased from 54.0p to 52.4p in May. 

According to the survey, manufacturing output increased in line with the trend shown since October 2014. However, a slower output growth is observed, which may suggest limited industrial output growth in the coming months, adds SocGen. 

Car production data are not supportive of May's industrial output. According to IBRM SAMAR data, car production increased by 2.5% yoy in May vs 9.4% yoy in April, notes SocGen.