Poland’s S&P Global Manufacturing PMI rose to 48.8 in October 2025 from 48.0 in September, slightly above forecasts of 48.6. This marked its highest level since April, indicating a slower pace of contraction in the ongoing downturn. Output and new orders both declined at softer rates, while purchasing activity returned to growth for the first time in five months, reflecting improved optimism and efforts to rebuild inventories. However, employment fell at a faster pace amid subdued demand and reduced backlogs of work. Export orders continued to drop, though at the slowest rate in six months, as weak demand from Western Europe persisted. On prices, input costs fell for the third month, while factory gate prices declined at the fastest rate since November 2024. Meanwhile, business confidence strengthened to a seven-month high, with manufacturers expecting higher production in the year ahead on the back of new investments, product launches, and an anticipated pickup in demand.