Polish PMI surges to highest level on record
Poland’s Purchasing Managers' Index (PMI) rose sharply last month, surging to its highest level on record, IHS Markit, a UK-based provider of financial information services, said on Tuesday.
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The British market researcher reported that the Polish PMI went up to 57.2 in May from 53.7 in April, signalling the strongest overall improvement in the country’s manufacturing sector since 1998.
The latest reading surpassed a previous peak of 56.8 set in April 2004 and added to a solid upward trend for the country’s manufacturing businesses amid the coronavirus pandemic, IHS Markit said.
„The current sequence of positive PMI readings was extended to 11 months,” it added.
Its Economics Director Trevor Balchin was cited as saying that „there was a clear upturn in underlying demand in the Polish manufacturing sector in May, with a much faster rise in new orders.”
Balchin added that the uptick was further driven by the domestic market.
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.
Source: PAP, markiteconomics.com