Poland’s industrial production contracted 0.3% year on year in constant prices in September (chart), after a revised fall of 1.2% y/y the preceding month, unadjusted data from the statistical office GUS showed on October 21. The reading was clearly below the consensus line, which expected a gain of 0.3% y/y in the ninth month, as poor demand for foreign markets overwhelmed the calendar effect, analysts say. The dependency on foreign demand does not need to be the decisive factor in Poland’s industrial sector’s performance, however. “We believe that this is a temporary weakness. The investment …