Poland January industrial output may have accelerated above consensus: Societe Generale

Quotes from Societe Generale Cross Asset Research:

-We expect Poland's industrial output growth of 4.9% yoy in January, above the market consensus and down from 8.4% in December. In monthly terms, we estimate a decrease of 0.5%. The growth of industrial output in December was mainly driven by growth in the manufacturing sector.

-Our forecast for January's industrial output growth is lower than the December figure, mainly due to the calendar effect. The latest PMI data on car production suggest the industrial output figure will come in above the market consensus. The PMI increased to 55.2 from 52.8 in December, mainly due to a rise in new orders.

-The January figure marks the fourth successive monthly improvement in manufacturing business conditions in Poland, and the strongest overall pace of growth since February 2014. Additionally, according to recent SAMAR data, car production increased by 14.5% yoy in January, which is also supportive of January industrial output.