Fresh data released Wednesday by the Central Statistical Office (GUS) indicates a cooling in Poland’s industrial sector, a key bellwether for the nation’s economic health. While new orders to Polish industry continue to rise, the pace of growth has slowed notably, increasing 2.8% year-over-year in October following a 9.8% rise the prior month. The report also details a steady unemployment rate of 5.6% for October, offering a mixed outlook for the Polish economy as it heads into the final months of the year.
The demand for goods and services is reflected in new industrial orders, a key indicator used to gauge future production levels.
Industrial Orders Rise, But at a Slower Pace
New orders to Polish industry increased by 2.8% year-over-year in October, according to data released Wednesday by the Central Statistical Office (GUS). This marks a deceleration from the 9.8% year-over-year increase recorded the previous month.
On a monthly basis, orders declined by 4.0% following a substantial 16.9% increase in September, GUS reported.
The slowdown is also apparent in new export orders. In October, these orders rose 2.6% year-over-year, a significant drop from the 12.1% increase seen in September. However, export orders fell 8.9% month-over-month, reversing a 24.1% gain in the prior month.
Polish Unemployment Data Released
GUS also released unemployment figures on Wednesday, reporting that the unemployment rate in Poland remained steady at 5.6% in October, consistent with the September rate.
The unemployment rate, as measured by the BAEL (Labor Force Survey), stood at 3.1% in the third quarter of 2023, up from 2.8% in the previous quarter and 2.9% in the same period last year, according to GUS.
