The reading meant that the country’s PMI remained stuck below the neutral 50-point mark for the 12th straight month and was at its lowest since mid-2009, Poland’s PAP news agency reported on Monday.
It quoted the British market researcher as saying that the data signaled “a worsening downturn” in Poland’s manufacturing sector.
“Output, new orders and exports all contracted at the strongest rates in over ten years,” Markit said in a statement, as quoted by the PAP news agency. “This led to more job cuts, reduced purchasing activity and the worst expectations for production on record."
A neutral PMI rating of 50 means that businesspeople in the country feel that the economy will not change over the coming month.
A higher rating means that the economy is expected to improve, while a PMI reading below 50 indicates that many think it will deteriorate.
The Polish economy grew 4.5 percent in the second quarter of this year, the country’s Central Statistical Office (GUS) said in August in a final estimate.
The country’s central bank chief, Adam Glapiński, said in early October that the Polish economy was in "excellent" shape and on track to grow 4.3 percent in 2019.
Glapiński said last month that the Polish economy was set to lose some of its momentum amid a global slowdown, but the country’s GDP growth would remain solid.
(gs/pk)
Source: PAP