The international financial services company reported on Friday that the Polish PMI dropped to 43.1 in August, from 43.5 in July, signalling a downturn in the goods-producing sector for the 16th successive month and the worst overall performance since October 2022.
"Poland's manufacturing economy remained mired in a deep downturn in August," S&P Global said.
"Output, new orders, employment and purchasing all declined at faster rates than in July, and the 12-month outlook was the weakest in 2023 so far," it added.
Paul Smith, economics director at S&P Global Market Intelligence, was cited as saying that "business conditions facing Polish manufacturers deteriorated markedly in August with the PMI falling for the fifth time in six months to 43.1."
He added that "new orders and output both dropped sharply during the month, leading firms to reduce purchasing, stocks and employment."
Poland’s PMI in April 2020 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.
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.
(gs)
Source: PAP, pmi.spglobal.com