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S&P Manufacturing PMI Unexpectedly Weakens

POLAND

Poland's S&P Global Manufacturing PMI worsened to 47.1 in January from 47.4 prior, even as consensus was looking for an improvement to 48.1.

  • S&P said that "Polish manufacturers continued to feel the effects of weak export and domestic demand in January". They noted that "Germany was cited as a key source of export weakness in January, though its flash manufacturing PMI rose to an 11-month high, suggesting the worst of its downturn has passed."
  • ING and mBank pointed to the largest declines in output and new orders in three months as well as longer delivery times due to the ongoing Red Sea crisis, which were partly offset by an improvement in 12-month ahead output expectations to best levels since the start of 2022.
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