The industrial confidence indicator (ICI) declined for the second month in a row. In May, 2024, it amounted to 4.7 pts, 0.7 pts down from the April figure. Despite the decrease, it remained above the respective year 2023 number (by 6.5 pts). The yearly changes of the confidence indicator and of the main survey balances are positive. It means that cyclical factors still act positively. The drop in export orders and the worsening of financial situation of firms are the factors which contributed to the decline in manufacturing activity the most. The balances of production, total and export orders, employment, firms’ financial situation and assessments of general economic situation in the country took negative values. Manufacturers’ expectations concerning their business activity and general economic activity in Poland are less optimistic than in April. Nevertheless, they expect business situation in the industry to improve in the coming months.
Researchers
Elżbieta Adamowicz, adel@sgh.waw.pl
Konrad Walczyk, kwalcz1@sgh.waw.pl