Poland: Manufacturing sector contracts sharply in February
March 1, 2019
The manufacturing Purchasing Managers’ Index (PMI), released by IHS Markit, dropped to 47.6 points in February (January: 48.2 points). The index has fallen precipitously since mid-2018, and in November 2018 first landed below the 50-point threshold that separates contraction from expansion in the manufacturing sector.
February’s reading reflected another sharp fall in new orders, exacerbated by the challenging European backdrop—and, in particular, weaker economic activity in Germany. In turn, output fell—although inventories continued to pile up. Employment levels also fell. Meanwhile, firms were less upbeat on short-term output.
Author: Christopher Thomas, Economist