The improvement points to some easing of distress in Poland’s manufacturing sector after the index collapsed to an all-time low of 31.9 in March in the wake of the COVID-19 pandemic.
Reading improves to 40.9 from 33.4 in April. Move to growth should follow as long as COVID-19 continues to be brought under control, says IHS Markit.
The IHS Markit Russia Services Purchasing Index (PMI) was up slightly to 36.2 in May from 31.3 in April, but still well below the 50 no-change mark, as the services sector has been crushed by the coronacrisis.
The fall is less an effect of the pandemic than the weakness of Estonia’s energy and manufacturing sectors.
Capital Economics pencils in second-quarter contraction of around 15% q/q on pandemic impacts.
The pandemic depressed oil prices globally, causing a 23.4% y/y collapse in Poland’s fuel prices. That drove the headline figure down although price growth in other main segments offset the decline to a degree.
Real wages in Ukraine dropped 0.4% y/y in April, after growing 9.3% y/y growth in March, the State Statistics Service reported on May 28. The average monthly nominal wage declined to UAH10,430 a month ($383) from UAH11,446 in March, -9.6%.
Steady growth in new cases in several countries despite easing of lockdowns, numbers pushed up by outbreaks at industrial plants.
Retail sales crashed 17.9% y/y in April, a fall that was expected after the government instituted a lockdown to contain the spread of the coronavirus.
Russia’s April lockdown hit the statistics this week, after Rosstat reported that retail sales were down a massive 23.4% year on year and unemployment almost doubled in the month, the state statistics agency said on May 27.
The average income in Ukraine has been rising steadily in recent years and rose from a mere UAH6.659 ($221) in January 2017 – making Ukrainians the poorest people in Europe – to almost double to UAH10.727 ($439) this January.
In January-April 2020 Belarus industrial output declined 3.8% year on year as the double whammy of the oil price collapse and the coronavirus stop-shock hit home.
In January-April 2020 Belarus industrial output declined 3.8% year-on-year as the double whammy of the oil price collapse and the coronavirus stop-shock hit home.
Industrial production in Ukraine in April 2020 fell by 16.2% year on year, compared with the March drop of 7.7%, February’s fall of 1.5% and January’s contraction of 5.1%, the State Statistics Service said on May 23.
A steep reduction in shops’ turnover in April is hardly a surprise, given the fourth month was the first – and only thus far – full month of lockdown, imposed by the authorities to limit the spread of the pandemic.
The economic situation of Czech companies is deteriorating and most hope for an extension of the government's Antivirus support programme, a survey by the Confederation of Industry and Transport shows.
A contraction had been expected in April, but at 24.6% y/y the magnitude of the fall surprised the market.
The reading sees the PPI deflation deepen its fall after the index slid 0.5% y/y in March.
Estonia's producer price index retreated 4.4% y/y in April, after falling 3.5% y/y in March.