Poland PMI July 2022


Poland: Manufacturing PMI moves further into contractionary terrain in July

August 3, 2022

The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 42.1 in July, down from 44.4 in June. The index moved further below the 50 threshold, signaling a sharper deterioration in business conditions than in the prior month.

Both output and new orders contracted sharply in July, weighed down by shrinking domestic and external demand, high inflation and an uncertain economic outlook. Moreover, employment decreased for the second consecutive month. Both input costs and output prices continued to rise significantly. That said, the pace of growth in both input costs and the price of output was milder than in June. Lastly, firms’ sentiment about the future turned negative—falling to its lowest level since April 2020—hit by mounting concerns over an oncoming recession.

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

"Poland's manufacturing sector experienced a worryingly sharp deterioration in performance during July. We should be under no illusions of the scale and speed that the downturn is occurring: The index numbers we're seeing for both output and new orders have only been beaten to the downside during periods of extreme stress (the global financial crisis and the pandemic).”

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 of 6.3%.

Author: Massimo Bassetti, Senior Economist

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Poland PMI Chart

Poland PMI July 2022

Note: S&P Global Poland Manufacturing Purchasing Managers’ Index. Readings above 50 indicate an overall increase compared to the previous month, and below 50 an overall decrease.
Source: S&P Global.

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