Bloomberg News

Polish April Manufacturing Declines as New Orders Drop

May 02, 2012

Polish manufacturing fell more than economists forecast in April as new orders declined at the fastest pace in almost three years, HSBC Holdings Plc said.

The purchasing managers’ index, a gauge of manufacturing, dropped to 49.2 from 50.1 in March, HSBC Holdings Plc said in an e-mail today, summarizing a survey by Markit Economics. The median estimate of 15 economists in a Bloomberg survey was 49.5.

The index fell below 50, a level showing a contraction, for the third time in the past six months, following uninterrupted gains from November 2010 to October last year. Polish economic growth will slow to 2.5 percent this year, the government forecasts, from 4.3 percent in 2011 amid a recession in the euro region, where the nation sells two-thirds of its exports.

“The economy is slowing as marked most recently by very poor industrial production growth in March,” Agata Urbanska, a London-based economist at HSBC, said in an e-mailed statement “The negative drag comes from the external environment with the new export orders underperforming the new orders index in the second half of last year and both falling to a lowest level since mid-2009 in April.”

Polish industrial-output growth advanced an annual 0.7 percent in March, the lowest rate since November 2009, and wage expansion slowed for a third month to 3.8 percent, the lowest in 15 months, data released last month showed.

The zloty traded at 4.159 per euro at 10 a.m. in Warsaw, little changed from late yesterday.

To contact the reporter on this story: Dorota Bartyzel in Warsaw at dbartyzel@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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