FX.co ★ Poland Manufacturing Returns to Contraction in May

The S&P Global Poland Manufacturing PMI dropped to 47.1 in May 2025, down from 50.2 in April, thus concluding a three-month period of growth and marking the most significant contraction since June 2024. This downturn is primarily due to a reduction in new orders, which has led to a slowdown in production activities. This signifies the first dip in output in four months, prompting firms to reassess their capacity needs. Consequently, there have been consistent declines in employment, with workforce numbers steadily decreasing over the past three months. As a result, purchasing activities and stock levels of goods also saw a reduction in May. Additionally, supplier delivery times experienced a slight elongation. Looking forward, business confidence has taken a hit, with the outlook for the next 12 months reaching its lowest point in 2025.