July’s PMIs point to continued recovery in Central Europe

July’s manufacturing PMI surveys suggest that the recovery that started in Poland and the Czech Republic towards the end of the second quarter continued in the first month of the third quarter. Both countries remain vulnerable to a relapse in the euro-zone, but growth in the second half of the year should at least be stronger than in the first half. By contrast, July’s PMIs point to a renewed downturn in Emerging Europe’s two largest economies – Russia and Turkey.

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