Polish PMI up in November

Poland’s Purchasing Managers’ Index (PMI) improved for a second straight month in November, signalling a firm expansion of the country’s manufacturing sector despite supply-side constraints and price pressures, IHS Markit, a UK-based provider of financial information services, said on Wednesday.

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The British market researcher reported that the Polish PMI went up to 54.4 in November from 53.8 in October, pointing to an acceleration in growth for the country’s manufacturing businesses amid the coronavirus pandemic.

„Manufacturing production rose for a tenth month running in November and at a firmer rate,” IHS Markit said.

„Accelerated growth was closely linked to a stronger gain in new orders, amid reports of strengthening demand,” it added.

Its Economics Director Paul Smith was cited as saying that the Polish manufacturing sector „continued to expand in November, reflective of rising levels of both production and new orders, although this was primarily underpinned by internal demand sources.”

He added in a statement, however, that „export orders took another modest tumble, reflecting increasing difficulties for clients in finding the funds to meet ever increasing purchase prices.”

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)

Source: PAP, markiteconomics.com

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