Polish PMI dips as Ukraine war disrupts manufacturing
Poland’s Purchasing Managers’ Index (PMI) slid to its lowest level in almost two years as the country’s manufacturing sector lost more momentum last month due to market instability driven by the war in Ukraine, according to business information provider S&P Global.
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The international financial services company reported on Wednesday that the Polish PMI declined to a nearly two-year low of 48.5 in May, down from 52.4 in April.
„Amid ongoing supply-side delays, high inflation and market instability, May’s survey pointed to another difficult month for Polish manufacturing companies,” S&P Global said.
It added that overall operating conditions deteriorated „amid noticeable drops in both production and new orders,” while confidence slipped to its lowest level since October 2020.
Paul Smith, economics director at S&P Global Market Intelligence, was cited as saying that „May’s survey highlighted the continuation of the themes seen in recent surveys, namely around high inflation – especially for fuel/energy costs – and the market instabilities caused by the war in Ukraine.”
Poland’s PMI in April 2020 fell to its lowest level on record amid virus fears, sinking to 31.9 from 42.4 a month earlier at the height of the COVID-19 crisis.
The PMI is a composite indicator of manufacturing performance evaluated on the basis of new orders, output, employment, suppliers’ delivery times and stocks of purchases.
Any figure greater than 50 indicates overall improvement of the sector.
(gs)
Source: PAP, pmi.spglobal.com
