WARSAW (Reuters) - Polish manufacturing activity slumped to a record low in April as the economic fallout of the coronavirus pandemic led to unprecedented drops in output, new orders and exports, a survey showed on Monday.
The IHS Markit Purchasing Managers’ Index (PMI) for manufacturing fell to 31.9 from March’s 42.4, the lowest since the survey started in June 1998 and well below the 50.0 line that separates growth from contraction.
April’s reading was also below the 34.6 forecast by analysts in a Reuters poll.
In addition to the headline figure, the subindexes for production, new orders, exports, purchasing, backlogs of work, supplier performance and output expectations all hit all-time lows.
The rate of job cuts was close to the record posted in April 1999.
“Poland’s manufacturing sector collapsed in April as demand and output nosedived as a result of lockdown measures,” said Trevor Balchin, Economics Director at IHS Markit, which compiles the survey.
“Moreover, at 31.9, the PMI was even lower than the levels seen in the eurozone (33.6) and UK (32.9), according to earlier flash estimates.”
Reporting by Alan Charlish; Editing by Hugh Lawson