The Poland Manufacturing PMI index grew to 55.4 points in January compared to 53.2 in December 2013, HSBC and Markit Economics said in a press release.
The indicator has been over 50 points for the past seven months, thus signaling improving business conditions.
“The overall improvement in business conditions in the sector was the strongest in three years,” the statement read. Output, new orders and purchasing activity grew faster than a month earlier and workforce growth was the strongest since the start of the survey in June 1998. At the same time, there remained little inflationary pressure.
“January manufacturing PMI marks a very strong start to 2014 with the index at a three year high,” Agata Urbańska-Giner, CEE economist at HSBC was quoted as saying. “Importantly the latest improvement is broadly based.”
“The weaker-than-expected data on December’s PMI, industrial output and retail sales cooled our optimism regarding situation in Polish economy in the final quarter of 2013. However, after flash 2013 GDP (and implied Q4 growth) as well as yesterday’s release of PMI we see upward risk for our forecasts,” wrote BZ WBK analysts in an e-mail comment.
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