PMI data confirm slowing regional growth

Today’s PMI data for the Czech Republic, Poland, Russia and Turkey provide further evidence of a slowing recovery in Emerging Europe. Much of the buoyancy of manufacturing output has been driven by export demand, especially from the EU. With the euro-zone PMI flash estimate released last week indicating that recovery in the euro-zone as a whole may have passed its peak, we expect output growth to slow further in Emerging Europe over the rest of this year and into next.

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