Industrial production in Poland

The Industrial Production Index measures the output level of Polish industry (manufacturing, mining and energy supply). It is published by Statistics Poland (GUS) and is one of the most closely watched cyclical indicators because it anticipates the economic cycle.

Expressed as an index against a base year of 100, aggregating the subindices of the various industrial branches weighted by their value added. GUS typically reports year-on-year and month-on-month changes, with calendar- and seasonally-adjusted data.

It is closely tied to GDP and the cycle, and matters for an economy as industrial as Poland's. A strong reading points to firmer growth and, alongside inflation, feeds into the National Bank of Poland's (NBP) rate decisions and the zloty.

It is subject to revision: releasing one month typically revises the previous one. It is volatile and sensitive to the number of working days and one-off factors, so the trend matters more than a single reading.