The S&P Global Poland Manufacturing PMI rose to 45.9 in July 2025 from 44.8 in June, slightly above the expected 45.8, signaling a continued contraction in manufacturing conditions. This marked the second-sharpest deterioration since mid-2024, despite modest improvements across all five components of the index. The downturn remained driven by weak demand, with new orders falling for a fourth straight month and exports posting their steepest decline since August 2023—Germany being a notable drag. As a result, output shrank for the third month running, prompting firms to cut jobs for the fifth time this year. Purchasing activity declined at the sharpest rate since October 2023, leading to a continued drawdown in input inventories. On prices, input cost inflation remained modest, while output prices were reduced again. Business sentiment rebounded slightly, yet remained well below the long-run trend, with US tariffs and Asian competition cited as downside risks.