FX.co ★ Polish Manufacturing Downturn Softens in May

Poland’s S&P Global Manufacturing PMI rose to 49.4 in May 2026, exceeding market expectations of 48.6 but remaining below the neutral 50 mark, thus indicating a thirteenth consecutive month of contraction in factory activity, albeit at the slowest pace in this sequence. The uptick was largely driven by stronger output, underpinned by early signs of an improvement in market conditions, better availability of certain raw materials, and the opening of new retail outlets.

Production expanded for the second time in three months, even as new orders fell for the fourteenth month in a row, with demand still held back by economic and geopolitical uncertainty and persistently high customer inventories. Export orders also declined, though only slightly.

Input cost inflation eased from April’s near four-year high but remained elevated, reflecting higher prices for raw materials, transportation, and energy. Business sentiment stayed positive, supported by expansion plans, new product launches, and entry into new markets.