Poland PMI July 2020

Poland

Poland: Manufacturing conditions improve at fastest pace in two years in July

August 3, 2020

The IHS Markit manufacturing Purchasing Managers’ Index (PMI) rose for the third consecutive month and climbed from June’s 47.2 to 52.8 in July, as lockdown measures were further eased and operations restarted. The result marked the highest reading since June 2018. Therefore, the index moved above the crucial 50-threshold, indicating improving conditions in the manufacturing sector, below which it had been for over one year.

The improvement in the headline PMI came on the back of expansions in output, new orders and exports—which grew for the first time since July 2018. That said, manufacturers continued to reduce their staff numbers, although the pace of job shedding softened. On the price front, input costs rose again while firms continued to cut their output prices in a bid to attract clients. Meanwhile, businesses sentiment improved, albeit only slightly, as the long-term implications of the pandemic remained uncertain.

FocusEconomics panelists expect industrial output to fall 5.3% in 2020, which is down 1.3 percentage points from last month’s forecast. For 2021, the panel expects growth in industrial output of 5.5%.


Author: Massimo Bassetti, Senior Economist

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


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