Dec 12, 2014
According to bank HSBC, Polish PMI was 53.2 in November, compared to 51.2 in October and just 49 in September. A PMI of over 50 indicates economic expansion, while a PMI of less than 50 means that industry has contracted.
?ukasz Koz?owski, a consultant for ‘Employers of Poland’ commented that “it seems that entrepreneurs are increasingly adapting to operating under the conditions of a long term slowdown in the Eurozone, and in spite of numerous obstacles are increasing their shares in those slowly growing markets.”
He pointed to increasing exports, which were partially behind Poland’s better than expected GDP growth results announced earlier this month.
Meanwhile, the main economist at the Lewiatan Confederation, Ma?gorzata Starczewska-Krzysztoszek, speculated that the industrial expansion may be due to the passing of concerns over the Russian trade embargo.
Starczewska-Krzysztoszek said “Firms only needed two months to get to grips with the situation and find new markets for their exports.” The Russian embargo on agricultural products had previously been expected to slow down the entire economy.
PMI is an indicator of the manufacturing sector’s economic health and is itself based on five indicators including inventory levels and production.
Source: Thenews.pl