FX.co ★ Poland Factory Downturn Eases in March

Poland’s S&P Global Manufacturing PMI increased to 48.7 in March 2026 from 47.1 in February, beating market expectations of 47.1 and indicating a slower deterioration in overall business conditions. The improvement was driven by a rise in manufacturing output — the first increase since April 2025 — alongside more moderate declines in new orders and input inventories. However, new orders still fell for the twelfth consecutive month. Employment also continued to contract for the eleventh straight month, with the pace of job cuts accelerating to its fastest rate since September 2023. Cost pressures intensified sharply, propelled by higher energy, fuel, and commodity prices linked to the conflict in the Middle East. Input price inflation rose to its highest level since October 2022, while suppliers’ delivery times lengthened to the greatest extent since June 2022. Looking ahead, firms remained cautiously optimistic, anticipating a recovery in demand and planning investments in production capacity and new customer acquisition.