The international financial services company reported on Monday that the Polish PMI inched up to 43.9 in September, from 43.1 in August, signalling "softer declines across a number of key measures."
S&P Global said that "although Poland's manufacturing economy remained in a severe downturn in September," output, new orders, backlogs and purchasing "all fell at slower rates than in August, and the 12-month outlook was among the best registered since the Russian invasion of Ukraine in February 2022."
It added that demand for Polish manufactured goods "continued to weaken sharply in September, as the volume of new orders fell for the 19th consecutive month."
Paul Smith, economics director at S&P Global Market Intelligence, was cited as saying that "the latest survey data raised hopes that Poland's steep manufacturing downturn since mid-2022 had passed the worst phase, as the PMI rose to a three-month high and the forward-looking Future Output Index signalled the strongest 12-month outlook since March."
He added, however, that "current and near-term conditions remain very weak, with further sharp falls in new orders, output, backlogs and input purchases in September, albeit more slowly than in August."
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