Central European Daily

The Central European currencies barely moved against the euro yesterday. The zloty all but ignored better than anticipated Polish industrial output in April. According to preliminary data (the statistical office, GUS, releases data on industry with only one-month delay while the common practise is a two-month lag), industry grew by 5.4 % Y/Y (+5.3 % after seasonal adjustment). Encouraging news is that a month-on-month growth was recorded in 27 out of 34 industrial branches, including major ones (such as manufacturing of other non-metallic mineral products, which grew by 15.3 % Y/Y). Even more surprising may be vigorous growth in construction (+13.3% Y/Y in seasonally adjusted terms), confirming a turn for the better in investment activity.