Poland PMI June 2022


Poland: Manufacturing PMI moved further into contractionary terrain in June

July 1, 2022

The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 44.4 in June, down from 48.5 in May. 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 markedly in June, weighed down by supply side disruptions, high inflation and ongoing geopolitical turbulence. Moreover, employment decreased. On the price front, input costs continued to surge, amid high energy and raw material costs, while output prices continued to increase noticeably. That said, the pace of growth in both input and output costs was milder than in May. Lastly, firms’ confidence about the future fell to its lowest level since the height of the first Covid-19 wave in 2020.

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

"Perhaps some hope will be found in price indices that are finally showing clear signs that inflationary pressures are easing, whilst supply constraints are becoming less acute. However, these are most likely being driven by demand contractions, and it remains to be seen how far the downturn will have to be to finally bring us back to a semblance of demand-supply equilibrium.”

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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