Poland's industrial production in January proved much stronger than analysts had expected, data released by statistics office GUS showed on Tuesday. In year-on-year terms, the value of sold industrial production rose 0.3 percent year-on-year, against analysts' expectations of a drop of some 3 percent.

Piotr Bujak, chief economist for Poland at Nordea Bank, said that the figures had “beaten the most optimistic forecasts,” and added that along with the stronger-than-expected German ZEW index released earlier in the day, the data “herald better times for the Polish economy going forward.”

In monthly terms, industrial production rose by 5.4 percent, while the market had expected a rise of just 3 percent.

Though there was growth in most sectors, the woes continued for construction, with production down by 16.1 percent y/y and 60.3 m/m.

Industrial production prices fell 1.2 percent y/y and rose 0.1 percent m/m in January, GUS said.

KW, AK