Poland: Manufacturing PMI drops again in March, but remains entrenched in expansionary territory
April 2, 2015
The manufacturing Purchasing Managers’ Index (PMI) eased from 55.1 in February to 54.8 in March, according to a release provided by HSBC in collaboration with Markit. Despite March’s minor deterioration, the index still rests comfortably above the 50-threshold that separates expansion from contraction in the manufacturing sector. Moreover, despite having eased somewhat since the peak in January, the average of the index over the first quarter of the year was the highest since Q1 2014.
March’s reading reflected increases in the number of new business, new export orders and employment. As pointed out by Markit, “the volume of new businesses placed with Polish manufacturers rose for the sixth successive month in March. The rate of growth remained strong overall, despite easing to the weakest in 2015 so far.” New export orders grew at a faster rate compared to the previous month, underpinned by a weaker value of the zloty against the dollar. The rate of job creation accelerated for the fourth consecutive month in a row and reached the highest print in the survey history in March.
Author: Cecilia Simkievich, Economist