Poland’s industrial production declined 3.9% year on year in constant prices in December (chart), after a revised increase of 0.3% y/y the preceding month, unadjusted data from the statistical office GUS showed on January 22. Despite falling clearly, Poland’s industrial output still turned out better than the consensus, which expected a fall of 5.2% y/y. The actual fall came on the back of the calendar effect in the first place, but also in the wake of a manufacturing slowdown persisting in the Eurozone, including Poland’s key trade partner Germany, analysts say. “Export-oriented industries ex…