PMI inches up but remains below neutral

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Poland’s Manufacturing PMI amounted to 49.5 points in September compared to 49 points in August, according to a press release from HSBC and Markit Economics, which calculate the index.

The indicator rose for the first time since February, but has remained below the neutral level of 50 for the past quarter.

The volume of new work received by manufacturers fell in September, as did new export business, the statement said. Production also dropped as a result and input volumes continued to fall.

Employment in the Polish manufacturing sector rose, as has been the case since August 2013.

“GDP data showed the value added in industry falling q/q already in Q2 2014,” said Agata Urbańska-Giner, CEE economist at HSBC. “This contraction will likely continue in Q3. Along sub-50 PMI readings in Q3, the industrial production data have been surprising to the downside in recent releases, including a 1.9% y/y contraction in August.”

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