Macroeconomic Forecast Poland

According to the most recent data released by the Polish Central Statistical Office, industrial production growth came in at 6.5% y-o-y in October, down from 7.7% in September and 8.1% in August. Over the January-October period of 2011, industrial production growth averaged 6.8%, well below the 11.1% recorded in the same period of 2010. Owing to our expectation for economic growth to slow in 2012, we highlight downside risks to our end-2012 growth forecast of 6.0% for industrial production (down from 6.5% at end-2011).

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