Polish PMI hits new all-time high as manufacturing rebounds

Poland’s Purchasing Managers’ Index (PMI) hit a new all-time high last month as the country’s manufacturing sector continued its rapid rebound from the coronavirus crisis, according to IHS Markit, a UK-based provider of financial information services.

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Pixabay LicenseImage by Gerd Altmann from Pixabay

The British market researcher reported that the Polish PMI rose to a fresh high of 59.4 in June from 57.2 in May, „signalling a rapid improvement in manufacturing business conditions in Poland.”

Demand for manufactured goods continued to rise sharply in the country in June as market conditions improved with the loosening of COVID-19 restrictions, IHS Markit said.

„New orders rose for the seventh month running, and at the fastest rate since February 2014 …,” it added.

Its Economics Director Trevor Balchin was cited as saying that the Polish PMI surged to a record, „signalling a strong rebound in the goods-producing sector as lockdown restrictions were eased and pent-up demand released as more parts of the economy reopened.”

Poland’s PMI in April last year fell to its lowest level on record amid virus fears, sinking to 31.9 from 42.4 a month earlier at the height of the COVID-19 crisis, according to the British market researcher.

The PMI is a composite indicator of manufacturing performance evaluated on the basis of new orders, output, employment, suppliers’ delivery times and stocks of purchases.

Any figure greater than 50 indicates overall improvement of the sector, according to IHS Markit.

(gs/pk)

Source: PAP, markiteconomics.com

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