Polish PMI Manufacturing index fell to 48.0 in March from 48.9 in February, below the 50.0 neutrality threshold for the 12th consecutive month. The March figure was the lowest since October and the first month-on-month decline in PMI since September, indicating the deterioration in business conditions facing Polish manufacturers intensified and posing a risk to our forecast of a GDP dynamics rebound in 2Q13. The fall in Poland’s PMI tracks the deterioration in the German PMI index, which unexpectedly fell to 48.9 in March from 50.3 in the previous month, according to flash data. According to the detailed PMI report, new orders received by Polish manufacturers declined for the 14th successive month in March, amid both weakening demand and the loss of work to competitors. Still, the rate of decline was moderate and little-changed from that seen in February. At the same time, the decline in new export orders was the fastest since November.