Poland’s industrial production contracted 1.5% year on year at constant prices in August (chart), after a revised gain of 5.2% y/y the preceding month, unadjusted data from the statistical office GUS showed on September 22. The reading was clearly below the consensus line, which expected no change y/y in the eighth month due to fewer working days than in July. But poor demand for foreign markets overwhelmed the calendar effect, analysts say. “Production data and domestic export figures indicate poor performance in industries connected to foreign markets. In particular, the slump in the German …