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English Section

Polish PMI hits record low amid virus fears

04.05.2020 14:00
Poland’s Purchasing Managers' Index (PMI) has fallen to its lowest level on record amid the coronavirus pandemic, sinking to 31.9 in April from 42.4 in March, according to Markit, a UK-based provider of financial information services.
Pixabay License
Pixabay LicenseImage by Gerd Altmann from Pixabay

The latest reading marked the worst month for Polish manufacturers since PMI survey data were first compiled in June 1998, the British market researcher said on Monday.

Its Economics Director Trevor Balchin was cited as saying: "Poland's manufacturing sector collapsed in April as demand and output nosedived as a result of lockdown measures implemented across Europe and the wider world to combat the coronavirus pandemic.”

Balchin added, as quoted on the markiteconomics.com website: “Underlining the historic severity of the recession in the sector, many indices hit record lows during the month, including production, new orders, exports, backlogs, purchasing and output expectations.”

A neutral PMI reading of 50 means that businesspeople in a country feel the economy will not change over the coming month.

A higher figure means the economy is expected to improve, while a PMI reading below 50 indicates that many think it will deteriorate.

Polish lawmakers last week backed a plan to expand a massive relief and stimulus package of measures aiming to shield the economy from the coronavirus pandemic. 

Poland’s president on Friday outlined a plan for more aid to the unemployed, including a special allowance to workers who lose their jobs due to the coronavirus crisis.

(gs)

Source: IAR, markiteconomics.com