Poland: Strongest hit to manufacturing sector since financial crisis in March
The manufacturing Purchasing Managers’ Index (PMI), released by IHS Markit, fell from 48.2 in February to March’s 42.4, as the economy is severely hit by the coronavirus outbreak. The index thus recorded its lowest reading since April 2009 and fell further below the 50-threshold, where it has been since November 2018, signaling a sharper deterioration in the manufacturing sector.
March’s more marked drop reflected falling output, new orders and exports, all of which contracted at the sharpest pace since end 2008. Moreover, employment was reduced for the ninth consecutive month, and at the fastest pace since July 2009. On top of that, businesses’ 12-month outlook plummeted to the lowest level on record.