In November, 2024, the industrial confidence indicator (ICI) decreased by 13 pts (on the monthly basis) to -11.2 pts. It is now 7.4 pts down from the November, 2023 figure. The decline in manufacturing activity was sharp and it was connected to low economic activity in Germany (see the graph below), which is the main importer of goods manufactured in Poland. The drop in total orders and the expected decrease in production (compared to October’s expectations) contributed the most to the decline in ICI. Manufacturers reported a fall in employment and their diminishing financial situation. Their expectations concerning business activity the coming months are rather pessimistic.
Researchers:
Elżbieta Adamowicz, adel@sgh.waw.pl
Konrad Walczyk, kwalcz1@sgh.waw.pl