Poland PMI May 2022


Poland: Manufacturing PMI drops into contractionary terrain in May

June 3, 2022

The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 48.5 in May, down from 52.4 in April. The index therefore moved below the 50-threshold, signaling a deterioration in business conditions from the prior month.

Both output and new orders fell considerably in May, weighed down by supply side disruption and market instability. Meanwhile, employment increased, albeit at a modest pace. On the price front, input costs increased strongly amid supply shortages and higher energy and raw material prices, while output prices continued to increase noticeably. That said, both input and output price increases softened from April. Lastly, firms’ confidence about the future fell to the lowest level since October 2020.

Commenting on the latest survey results, Paul Smith, analyst at S&P Global, said:

"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.”

FocusEconomics panelists expect fixed investment to expand 6.2% in 2022, which is down 0.5 percentage points from last month’s forecast. For 2023, the panel expects fixed investment growth at 6.3%.

Author: Massimo Bassetti, Senior Economist

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