Poland: Business confidence plummets in October
In October, the business tendency indicators released by the Central Statistical Office (GUS) showed a decline in business confidence in the manufacturing sector. October’s business climate indicator dropped sharply from 8.8 in September to 4.8, the weakest reading of the year and more in-line with the indicator’s long-run average. Despite the result, business confidence remained above the zero-point mark that distinguishes optimism from pessimism in the manufacturing sector.
October’s deterioration saw weaker assessments across all components of the indicators. Notably, firms’ views of the future economic situation worsened markedly, driven by fears of weaker order books and a bleaker financial situation. Prospects for the labor market edged lower in the month, as well.