Poland: Manufacturing PMI rises in November
December 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 43.4 in November, up from 42.0 in October. However, the index remained entrenched below the 50-threshold, signaling another significant deterioration in business conditions compared to the prior month.
Softer—albeit still-sharp—contractions in output and new orders were behind the improvement in the headline reading. Meanwhile, employment decreased for the sixth consecutive month. On the price front, the increase in input costs moderated from the previous month to the lowest level in over two years. That said input inflation remained elevated, which led output prices to increase at a fast clip. Lastly, firms’ sentiment ticked up but remained subdued, weighed down by concerns regarding inflation and an economic recession.
Commenting on the outlook, Adam Antoniak, senior economist at ING, stated:
“The coming months will see a marked slowdown in industrial production growth. On the one hand we are dealing with deteriorating foreign demand, and on the other we have a high reference base from last year, when an impressive and hard-to-explain increase in energy production was reported.”