Though Poland's manufacturing sector PMI reading for October was up slightly from September, the data is not particularly reassuring. There are fewer new export orders and a weakening economy suggests another upcoming wave of layoffs.

Poland's score came in at 47.3, slightly above September's score of 47, but anything below 50 indicates a worsening business environment.

"I remain pessimistic. We expect that the worst slowdown is ahead of us. We expect that the economy will significantly slow down in the last quarter of this year and at the beginning of 2013," said Grzegorz Ogonek, an economist at ING Bank Śląski.

Poland A.M.