As shown by latest research commissioned by the HSBC bank, the PMI index for Polish industry in February was measured at 55.1 pkt. – This is a marginally weaker result than last month, but it is still great considering how much the index gained in January. It was feared that last month’s showing, unconfirmed by other economic indexes, would prove to a one-off. Most recent figures suggest that this is not the case. They show that Polish companies have some many orders that they are struggling to realize them in time – comments Łukasz Kozłowski, expert of Employers of Poland.
After such a rapid growth last month, even a stabilization at a marginally lower level is a very optimistic result, as it shows a significant improvement of the economic climate at the start of new year – particularly as most analysts expected a much bigger drop. In previous quarters. Polish industry was relatively weak compared to other sectors. Now we see another suggestion that it is slowly becoming one of the motors of economic growth.
Producers are favoured by a weakening złoty increasing the competiveness of Polish export. Figures from the fourth quarter of 2014 show a slight decrease in the negative contribution of net export. Demand has also been impacted positively by falling fuel prices which enable companies in many sectors to significantly cut operating costs and as a result improve their profitability. Better showings of industrial companies, as well as relatively optimistic expectations for the future, mean that investments are growing at a decent rate, contributing to the development of production capacities.
The dynamics of improvement on the labour market continue to surprise – it has now been one of the better areas of Polish economy for quite some time, despite a moderate economic growth rate. The latest PMI results fits into this picture, as February saw the second best ever result of the subindex showing changes in employment. This, coupled with the fastest real wage growth rate in six years, means that the prospects strengthening internal demand can be assessed optimistically. However, not only consumers, but also companies are spending more, which manifests itself in their increasing purchase activity.
Łukasz Kozłowski, expert of Employers of Poland