WARSAW: Growth in Poland's manufacturing sector slowed down in May, confounding analysts' forecasts and boding ill for a further pick-up in the expansion in central and eastern Europe's largest economy.
The HSBC Poland manufacturing PMI index (PMI) fell to 50.8 points last month, an 11-month low, from 52.0 in April, data compiled by Markit and HSBC showed. Economists polled by Reuters had expected the index to rise to 52.4. Readings above 50 point to expansions in activity.
"The Polish manufacturing sector edged closer to stagnation in May," Markit said. "Growth of both output and new orders slowed for the third successive month to weak rates, and new export orders fell for the first time since May 2013."
Markit said that a number of firms cited a fall in export contracts due to the Russia-Ukraine crisis.
Poland has emerged as one of the staunchest European supporters of Kiev and strongly condemned Russia's annexation of Ukraine's Crimea.
Comments
Comments are closed.