In July, 2025 manufacturing activity declined. The industrial confidence indicator (ICI) fell by 2.7 pts. The current figure, -3.1 pts, is 0.9 pts down from the one recorded in July, 2024. This suggests that positive cyclical factors are weakening. The decrease of the indicator was effected by a drop in expected production (compared to what manufacturers expected last month) and by an increase in finished goods inventories. A rise in total orders (due to an expansion of export orders) contributed to alleviate the ICI decline. The surveyed manufacturers are moderately optimistic about their near future business prospects.
chart The industrial confidence indicator (ICI)
Researchers:
Elżbieta Adamowicz, adel@sgh.waw.pl
Konrad Walczyk, kwalcz1@sgh.waw.pl