Statistics Poland’s May data point to an improvement in business sentiment across most regions and sectors of the Polish economy. Companies are assessing the economic climate more positively, particularly in accommodation and food services, wholesale trade, and information and communication. At the same time, businesses continue to point to high labour costs, economic uncertainty and a cautious approach to new capital expenditure. As a result, Poland’s regional economy is sending signals of recovery, but companies are still investing selectively — mainly in areas where they can quickly improve operational efficiency.
Business sentiment in May 2026
Based on Statistics Poland’s regional business climate report and XLSX tables on business sentiment indicators and investment directions, May 2026.
In May 2026, assessments of the business climate improved year on year across all analysed areas of the economy. The strongest sentiment was recorded in accommodation and food services, information and communication, and wholesale trade. A weaker picture persisted in manufacturing, transport and storage, and construction.
The latest regional report shows an economy emerging from pessimism at an uneven pace. In some industries, the general business climate indicator, R-BCI, is already positive, meaning that positive assessments by businesses outweigh negative ones. At the same time, several sectors remain below zero, which means that negative assessments still prevail.
Companies in accommodation and food services were the most optimistic. The national R-BCI for this section stood at 14.7 points. Positive readings were also recorded in information and communication, as well as in wholesale trade. In manufacturing, transport and storage, and construction, the indicator remained negative.
Key figures
14.7 points – R-BCI in accommodation and food services, the highest result among the analysed sectors.
14 voivodeships – the number of regions with a positive R-BCI in wholesale trade.
12 voivodeships – the number of regions where business sentiment improved year on year in construction and in accommodation and food services.
76.0% – the share of manufacturing companies that indicated machinery, equipment and tools as an investment direction for 2026.
Where is business sentiment strongest?
The strongest nationwide result was recorded in accommodation and food services. This is a sector particularly sensitive to consumer demand and seasonality, so the positive reading may suggest better expectations ahead of the holiday season. Strong values in information and communication, in turn, indicate that digital companies continue to assess the situation relatively favourably, although regional differences remain very large.
| Sector | R-BCI Poland, May 2026 | YoY change, points | Voivodeships with positive R-BCI | Voivodeships with YoY improvement | Highest result | R-BCI | Lowest result | R-BCI |
|---|---|---|---|---|---|---|---|---|
| Manufacturing | -4.1 | 2.3 | 7 | 10 | Małopolskie | 9.0 | Kujawsko-Pomorskie | -8.9 |
| Construction | -1.3 | 2.3 | 9 | 12 | Podlaskie | 12.4 | Świętokrzyskie | -11.1 |
| Wholesale trade | 3.0 | 0.8 | 14 | 9 | Podkarpackie | 11.3 | Lubuskie | -13.4 |
| Retail trade | 0.0 | -0.2 | 5 | 9 | Warmińsko-Mazurskie | 14.1 | Opolskie | -21.9 |
| Transport and storage | -1.1 | 0.3 | 7 | 9 | Pomorskie | 7.9 | Opolskie | -23.9 |
| Accommodation and food services | 14.7 | 1.2 | 13 | 12 | Podkarpackie | 44.9 | Łódzkie | -6.1 |
| Information and communication | 8.1 | -0.6 | 9 | 8 | Podlaskie | 26.8 | Lubuskie | -38.8 |
R-BCI by sector in May 2026. Source: own analysis based on Statistics Poland data.
Year-on-year improvement does not always mean optimism
The data show an important difference between improvement and the actual level of business sentiment. Construction improved year on year in 12 voivodeships, but the nationwide indicator still stood at -1.3 points. A similar situation can be seen in manufacturing, where year-on-year growth was recorded in 10 voivodeships, while the R-BCI for Poland remained negative.
Wholesale trade had the broadest positive regional reach. A positive R-BCI was recorded in 14 voivodeships, although the nationwide result was only 3.0 points. This means that optimism is widespread, but moderate in many regions.
| Sector | Regional leader | R-BCI | Weakest voivodeship | R-BCI |
|---|---|---|---|---|
| Manufacturing | Małopolskie | 9.0 | Kujawsko-Pomorskie | -8.9 |
| Construction | Podlaskie | 12.4 | Świętokrzyskie | -11.1 |
| Wholesale trade | Podkarpackie | 11.3 | Lubuskie | -13.4 |
| Retail trade | Warmińsko-Mazurskie | 14.1 | Opolskie | -21.9 |
| Transport and storage | Pomorskie | 7.9 | Opolskie | -23.9 |
| Accommodation and food services | Podkarpackie | 44.9 | Łódzkie | -6.1 |
| Information and communication | Podlaskie | 26.8 | Lubuskie | -38.8 |
Number of voivodeships with a positive R-BCI and year-on-year improvement. Source: own analysis based on Statistics Poland data.
Labour costs continue to weigh on companies
Labour costs remain the most frequently cited barrier to doing business. In May 2026, they were particularly burdensome in accommodation and food services, construction, transport and retail trade. In many sectors, uncertainty about the general economic situation also remains a significant obstacle.
This is an important signal for assessing the coming months. An improvement in sentiment alone does not necessarily translate into a rapid increase in investment if companies remain concerned about costs, demand and instability in the regulatory environment.
| Sector | Labour costs | Uncertainty about the economic situation | High tax and public charges |
|---|---|---|---|
| Manufacturing | 58.4% | 44.2% | 39.1% |
| Construction | 65.8% | 39.9% | 49.7% |
| Wholesale trade | 55.3% | 51.1% | 42.2% |
| Retail trade | 62.4% | 43.7% | 41.1% |
| Transport and storage | 60.9% | 50.4% | 41.3% |
| Accommodation and food services | 69.1% | 49.9% | 48.0% |
| Information and communication | 53.3% | 42.3% | 39.6% |
Investment: modernisation rather than expansion
Corporate investment plans remain selective. In manufacturing, the clear priority is the modernisation of machinery and equipment: machinery, technical equipment and tools were indicated by 76.0% of companies. In transport, the most important investment direction is transport equipment, indicated by 44.0% of enterprises. In information and communication, computer and telecommunications equipment leads the ranking.
At the same time, several sectors have a very high share of companies with no investment plans. This applies, among others, to accommodation and food services, construction, wholesale trade and retail trade. This shows that some companies are choosing to maintain current operations rather than increase the scale of capital expenditure.
| Sector | Most frequently indicated direction | Share | Processes | Training | Licences / software | ICT | R&D | Machinery and tools | Real estate | Transport | No plans |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Manufacturing | Machinery, equipment and tools | 76.0% | 13.5% | 12.8% | 5.6% | 15.9% | 15.2% | 76.0% | 19.6% | 9.6% | 13.8% |
| Construction | No investment plans | 42.6% | 10.3% | 15.2% | 3.7% | 10.6% | 1.8% | 36.3% | 14.3% | 22.0% | 42.6% |
| Wholesale trade | No investment plans | 42.1% | 16.8% | 13.4% | 6.7% | 14.4% | 4.5% | 23.5% | 13.7% | 17.8% | 42.1% |
| Retail trade | No investment plans | 39.2% | 14.6% | 15.9% | 5.0% | 22.0% | 1.4% | 26.2% | 21.0% | 12.3% | 39.2% |
| Transport and storage | Transport equipment | 44.0% | 11.7% | 10.6% | 6.7% | 12.9% | 1.7% | 25.6% | 11.9% | 44.0% | 30.6% |
| Accommodation and food services | No investment plans | 45.6% | 13.0% | 21.5% | 1.1% | 12.7% | 0.1% | 32.9% | 10.9% | 3.0% | 45.6% |
| Information and communication | Computer and telecommunications equipment | 39.1% | 23.2% | 25.4% | 17.6% | 39.1% | 19.1% | 12.3% | 4.3% | 4.7% | 26.1% |
Selected investment directions in 2026. Source: own analysis based on Statistics Poland data.
Conclusion: the economy is recovering, but without euphoria
The May data show an improvement in business sentiment, but they do not yet point to a clear and evenly distributed breakthrough. Service sectors related to tourism, food services, communication and wholesale trade are performing best. Sectors that are more cost-intensive, capital-intensive or dependent on investment demand remain more cautious.
From the perspective of businesses, the coming months will be crucial. If the improvement in demand continues and cost pressure does not intensify, positive assessments may spread to more regions. For now, however, the data primarily suggest a cautious rebound: companies see an improvement, but they are still carefully controlling expenditure and investment.
Source: Statistics Poland, “Business Tendency. Regional Report 2026”, May 2026; XLSX tables: “Business tendency indicators by voivodeship” and “Main investment directions in the current year by voivodeship”.
