In May, the PMI index for Polish industry fell to 52.4 percent. – Unfortunately, the upturn in industry has proven much weaker than expected. The condition of industry was very good only for few months. This decreases the chances for a stronger GDP growth dynamics in the coming quarters of 2015 – comments Łukasz Kozłowski, expert of Employers of Poland.
Sadly, fluctuations in the levels of activity in Polish industry follow last year’s scenario – when after a raid rise in PMI close to a historic high, the condition of industry quickly deteriorated. We will soon find out whether – like in 2014 – it translates to a downturn in the economy as a whole.
The condition of Polish industry is strongly dependent on the situation of German producers – which is the worst in three months, partially explaining the weakness of our industry. The growth dynamics of export orders decreased despite the weakened exchange rate of złoty to euro and dollar compared to April.
The fact that the employment sub-index did not weaken significantly is surely a very optimistic signal. This is another proof that although Poland’s economic growth dynamics are hardly very impressive, the situation on the labour market can continue to systematically improve.
Łukasz Kozłowski, economic expert of Employers of Poland