FX.co ★ Poland Manufacturing Slump Eases More Than Expected

Poland's S&P Global Manufacturing PMI increased to 48.8 in October 2025, up from 48.0 in September, surpassing modest forecasts of 48.6. This rise marked the highest level since April, signaling a slower contraction in the ongoing economic downturn. Both output and new orders continued to fall, albeit at a reduced rate, and purchasing activity experienced growth for the first time in five months. This turnaround reflects improved confidence and efforts to rebuild inventories. However, employment saw a steeper decline due to continued weak demand and diminished backlogs of work. Although export orders dropped, they did so at their slowest pace in six months, mainly due to persisting weak demand from Western Europe. Regarding pricing, input costs decreased for the third consecutive month, while factory gate prices fell at their fastest rate since November 2024. Concurrently, business confidence reached a seven-month high, with manufacturers optimistic about increased production in the coming year, spurred by new investments, product launches, and an expected recovery in demand.