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Financial News: Poland Manufacturing Activity Deteriorates Sharply

Poland Manufacturing Activity Deteriorates Sharply

07/01/2022 - 04:59:00 (RTTNews)

(RTTNews) - Poland's manufacturing sector contracted for the second straight month in June to the lowest level in twenty-five months, due to steep falls in output and new orders amid high inflation and on-going geopolitical turmoil, survey data from S&P Global showed on Friday.

The manufacturing purchasing managers' index, or PMI, fell to 44.4 in June from 48.5 in May. Any PMI reading below 50 suggests contraction in the sector.

Both output and new orders fell markedly in the context of the survey's 24-year history, exceeded only by those seen at the height of the global financial crisis in 2008 and the recent pandemic.

The contraction in new orders was largely linked to a turbulent economic climate, which continued to be impacted by both the war in Ukraine and rampant inflation. New export orders also registered the sharpest decline since May 2020.

Input prices continued to rise sharply in June, led by high energy and raw material prices. But the rate of inflation slumped to the weakest in over a year-and-a-half. A similar trend was also seen in output prices.

Confidence among goods producers weakened to a 25-month low in June on the backdrop of a challenging economic environment.

As a result of weak confidence and lower workloads, employment levels in the Polish manufacturing sector declined for the first time since November 2021.

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