WARSAW (Reuters) - Polish manufacturing activity slipped again in December, but the slowing pace of the fall in new orders and production suggested the outlook for 2020 could be more positive, a survey showed on Thursday.
The IHS Markit Purchasing Managers’ Index (PMI) for manufacturing rose to 48.0 from 46.7 in November but remained below the 50.0 line that separates growth from contraction. The reading was nevertheless stronger than the consensus 46.8 forecast of analysts in a Reuters poll.
While output and new orders continued to decline amid an economic slowdown and on weaker demand from the European Union, the easing rate of contraction resulted in the best reading since August.
“The sector is enduring one of the longest downturns in the survey’s 21-year history with output, new orders, exports and purchasing all declining further in December,” said Trevor Balchin, Economics Director at IHS Markit, which compiles the survey.
“That said...clues that the worst of the downturn may have passed were provided by the slowest drop in backlogs for over a year, and a rebound in output expectations from November’s record low.”
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Reporting by Alan Charlish; Editing by Hugh Lawson