Poland’s PMI hits new low

Economist Monika Kurtek told public broadcaster Polish Radio’s IAR news agency on Wednesday that the December PMI reading was the weakest since April 2013.

Kurtek, who is chief economist at Bank Pocztowy, said the drop was in part due to an economic slowdown in Western Europe having a knock-on effect on Polish industry.

Poland’s PMI was 50.4 points in October, down from a 23-month low of 50.5 points in September, the IAR news agency has reported.

A neutral PMI rating of 50 means that businesspeople in the country feel that the economy will not change over the coming month.

A higher rating means that the economy is expected to improve, while a PMI rating below 50 indicates that many think it will deteriorate.

After a period of robust growth, Poland’s economy may lose some of its momentum in the near future, an expert said in October.

The Polish economy grew 5.1 percent in the third quarter of last year, the country's Central Statistical Office (GUS) reported at the end of November.

Enterprise and Technology Minister Jadwiga Emilewicz said at the time that macroeconomic data indicated Poland had the fastest-growing economy in the European Union.

Emilewicz added that Poland had stable growth fundamentals, with domestic consumption remaining high and investment figures encouraging.

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Source: IAR