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Financial News: Poland Manufacturing Growth Slows In April

Poland Manufacturing Growth Slows In April

05/02/2022 - 08:37:00 (RTTNews)

(RTTNews) - Poland's manufacturing sector growth was the weakest since the beginning of 2021, mainly due to the impact of the war in Ukraine, survey data from S&P Global showed on Monday.

The manufacturing purchasing managers' index, or PMI, fell to 52.4 in April from 52.7 in March.

Economists had forecast a score of 52.2. A PMI reading above 50 suggests expansion in the sector.

"Stretched supply chains, rapidly rising prices and heightened uncertainty due to the war in Ukraine all continued to impact the sector, although there were signs of some stabilization: expectations remained low, but slightly up since March, output rose modestly, and employment growth was sustained," Paul Smith, economics director at S&P Global, said.

New order books fell for the second straight month in April and new export sales declined. The rate of contraction was the sharpest since November 2020, as market instability and rising prices weighed on both domestic and foreign demand.

Cost inflation remained substantial in April and inflation at the factory gate rose for the twentieth straight month to reach a record level.

Lead times lengthened in April and backlogs of work rose for the nineteenth month in a row. Staffing levels increased for the fifth consecutive month.

Confidence for the coming year remained historically low due to the war in Ukraine and supply shortages. The overall confidence weakened to the lowest in sixteen months.

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