PMI for Poland in May increased to the level of 40.6 points against 31.9 points in April and was higher than the PAP forecast (35.7 points), according to Markit, which is developing the study.
"According to the latest research results in May, the economic conditions in the Polish manufacturing sector were still very weak due to the current restrictions introduced in the fight against the coronavirus pandemic. Production, New Orders and Employment rates, despite increasing in relation to April results, again showed rapid decline rates. Most companies also could not determine what the level of production will be in 12 months," the commentary reads.
In May, forecasts for future production improved, but the level of optimism was still very low compared to historical research. Approximately as many surveyed companies expected production growth in 12 months as its decline. It seems that a return to the pre-crisis situation it is still far away," the Markit added.