2023-08-01 12:59 update: 2023-08-01, 21:06
Photo: PAP/Wojciech Pacewicz
Poland's manufacturing sector purchasing managers' index PMI fell to 43.5 points (pts) in July from 45.1 pts in June, a report by S&P Global has shown.
"Output, new orders, exports, employment and purchasing activity all decreased more quickly in July than in June amid widespread reports of demand weakness," S&P Global said in a report on Tuesday.
Orders fell at the fastest pace in eight months, while export orders were down to the greatest extent since May 2020, when manufacturing was hit by the first wave of Covid-19 infections.
Output fell at the fastest pace since November last year. Despite falling production, backlogs of work declined amid slow order inflow.
Employment fell amid a general reluctance among firms to replace leavers given the declines in workloads, the researcher said.
The low demand contributed to further reduction of price pressure, "with both input costs and selling charges falling at the sharpest rates on record," the report said.
The reading has been in the contraction territory for the past 15 months.
A PMI reading above 50 indicates expansion in the sector while figures below 50 signal a contraction. (PAP)
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