To answer your question--- yes! I'm not sure about the hormonal influences, but certainly the psychological impact of PCOS can cause serious self-esteem/hopelessness issues, especially as it relates to one's physical appearance or ability to bear children (if that's something you desire).

I'm actually speaking from experience. I was diagnosed with the condition about 10 years ago. However, to make a long story short, I was 'undiagnosed' with it about a year ago. I won't go into details about that, only to say that I sympathize fully with both the impact of depression and living with PCOS (since I 'lived' with it for about 9 years).

As for your depression. If this is something that you have been living with for the past couple of years, you definitely need to have that checked out. If you have a family doctor, explain your feelings of depression and ask for a reference for a psychologist/psychiatrist. If not, I'm sure your endocrinologist/gynecologist (I'm assuming you have one if you're being treated for PCOS) would be able to provide you with one. He/she would very much be aware of the emotional fallout from having this condition.

Symptoms of depression, even if they seem mild and manageable at times, should always be taken seriously.

Good luck!