Polish November PMI Falls to 49.5, Lowest Since Oct. 2009
Polish manufacturing measured in the Markit Economics survey dropped below 50, the lowest level in 25 months, indicating a contraction, HSBC Holdings Plc reported.
The purchasing managers’ index, a gauge of manufacturing, fell to 49.5 from 51.7 in the previous month, HSBC Holdings said in an e-mailed statement summarizing the results of a survey by Markit Economics. The median estimate of 16 economists in a Bloomberg survey was for 50.7. A reading above 50 indicates expansion.
“The data, with the PMI back in contraction territory for the first time since October 2009, is very important and a reminder that Poland will not stay isolated from the European growth slowdown,” Agata Urbanska, an economist on Central and Eastern Europe at HSBC, said in an e-mailed comment.
Poland’s economy grew 4.2 percent in the third quarter from the year before, faster than economists forecast, boosting the probability that full-year growth will be more than 3.9 percent last year, Deputy Finance Minister Ludwik Kotecki said in an e- mail note yesterday.
He also said the economic outlook for the next year appears “less favorable, mainly due to an evident deterioration in conditions on Poland’s main export markets.”
In the Markit survey, new export orders fell for the sixth month in a row, the level of outstanding business also fell and the volume of inputs ordered fell at the fastest pace since July 2009.
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