The international financial services company reported on Friday that the Polish PMI rose to 48.7 in November, from 44.5 in October, signalling "a turning point for the manufacturing sector."
S&P Global said that "the latest reading signalled a nineteenth successive monthly deterioration in business conditions at manufacturers, but the slowest rate of decline over this period."
It added that "the month-on-month rise in the PMI, at 4.2 points, was the largest observed over the 25-year survey history when excluding the pandemic months of May-July 2020."
'Poland's long manufacturing downturn is ending'
Paul Smith, economics director at S&P Global Market Intelligence, was cited as saying that "November data provided the clearest sign yet that Poland's long manufacturing downturn is ending."
He added: "Not only did the PMI rise for a third straight month, but the increase of 4.2 points in November was the largest on record if you discount pandemic-influenced months."
While "the headline figure remains below 50.0 ... the recent momentum strongly suggests a return to growth territory in December," he also said.
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.
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.
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Source: PAP, pmi.spglobal.com