The international financial services company reported on Thursday that the Polish PMI declined for the second consecutive month to 48.2 in December, from 48.9 in November, "indicating the strongest deterioration in manufacturing business conditions since last August."
S&P Global said that "the downward movement in the PMI mainly reflected steeper declines in output and stocks of purchases."
Trevor Balchin, economics director at S&P Global Market Intelligence, was cited as saying that the downturn in the PMI "was mainly driven by faster declines in output and input inventories."
He added that "data on new orders and finished goods stocks suggest that firms may revive production in the coming months as demand moves closer to stabilisation."
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 an overall improvement in the sector.
Poland’s PMI in April 2020 fell to its lowest level on record amid coronavirus fears, sinking to 31.9 from 42.4 a month earlier at the height of the COVID-19 crisis.
(gs)
Source: PAP, pmi.spglobal.com