At first glance, the sharp fall in Poland’s manufacturing PMI in May suggests that the economy has lost some steam, perhaps due to spillovers from the crisis in neighbouring Ukraine. However, it’s worth noting that other surveys as well as April’s activity data tell a different story. While we’re not dismissing the possibility that the Ukraine crisis has affected Poland, the PMI survey probably paints an overly downbeat picture of the state of the economy. Elsewhere, the PMI data suggest that the recovery in the Czech Republic continued to strengthen, but that growth in the Turkish manufacturing sector weakened further.
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