English Section

Polish PMI inches up in September

01.10.2020 09:15
Poland’s Purchasing Managers' Index (PMI) inched up in September, signaling a further overall improvement in the country's manufacturing sector, IHS Markit, a UK-based provider of financial information services, said on Thursday.
Polish polyurethane foam maker Ciech Pianki ramping up production after a pandemic-induced shutdown.
Polish polyurethane foam maker Ciech Pianki ramping up production after a pandemic-induced shutdown.Photo: PAP/Tytus Żmijewski

The index edged up to 50.8 in September, from 50.6 in August, "in line with the trend shown throughout the third quarter following a record downturn in the second quarter," the British market researcher reported.

It said the upturn was weak compared with an initial rebound in July, when the Polish PMI reached a two-year peak.

"More positively, employment rose and the outlook strengthened," IHS Markit added.

Its Economics Director Trevor Balchin was cited as saying: "There are both positives and negatives to take away from the September data.

"On the one hand, employment was raised for the first time since June 2019 and firms grew more optimistic about prospects for growth of output in a year's time.

"... On the other hand, the two most important PMI components for output and new orders indicated sluggish rates of growth, suggesting that an initial rebound seen in July is already fading."

Balchin added, as quoted on the markiteconomics.com website: "With virus cases rising again across Europe and new restrictions being imposed as we head towards winter, the fourth quarter of 2020 is looking weak even though the 12-month outlook has picked up."

Poland’s PMI in April fell to its lowest level on record amid virus fears, sinking to 31.9 from 42.4 in March 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