The synthetic indicator of business activity in Poland compiled by the RIED is a weighted average of partial indicators eflecting the activity levels in the major sectors of the economy: industry, agriculture, households, construction, and trade. The general indicator of business activity is compiled in two versions, differing by the way in which the partial indicator for industry is calculated: (a) eccording to RIED's own formula, and (b) according to the EU harmonized formula. The two versions of the synthetic general indicator, filled with the data for the period from December 1992 till August 1994, have been compared in order to discover possible leads or lags between the two indicators. The variant based on the EU formula tenda to lead the RIED's original indicator by one month. This finding suggests that the vrsion linked to the EU formula may be more useful for monitoring and forecasting purposes.