Poland: Manufacturing PMI lingers at multi-month low in June
The S&P Global Poland Manufacturing Purchasing Managers’ Index (PMI) remained unchanged in June from May’s seven-month low of 45.0. As a result, the index remained below the 50.0 no-change threshold, signaling a sustained deterioration in manufacturing-sector operating conditions compared to the previous month.
Demand for Polish manufactured goods weakened further in June, with new orders and export sales both falling for a record twenty-eighth consecutive month. The sustained drop in demand led to a survey-record twenty-sixth consecutive month of declining production, which dropped at the fastest pace in eight months. Moreover, there was a less sharp improvement in suppliers’ delivery times. That said, the falls seen in new orders, employment, and input stocks were gentler than in the prior month.
In terms of prices, both input and output prices fell slightly since May, indicating easing inflationary pressure. Meanwhile, business expectations for the 12-month outlook for production remained positive, with firms anticipating a recovery in market conditions in the second half of 2024. However, manufacturers were slightly less confident than in May, and sentiment remained below its long-run trend.