- Production and demand growth was subdued by a combination of headwinds, including the Ukraine war and new COVID-19 related disruptions - notably in China.
- In Europe, the Ukraine war took a toll on production growth, most prominently leading to renewed falls in output in Poland and the Czech Republic, as well as deepening the downturn in Turkey.
- The worsening supply situation and surge in energy prices associated with the Ukraine invasion meanwhile led to a further intensification of inflationary pressures.
For further details see:
PMI At 18-Month Low As Manufacturing Disrupted By Ukraine War And Omicron Wave