The year 2024 has proven to be a period of increased economic activity, particularly in comparison to 2023. This improvement has positively impacted payment liquidity in Poland. According to Grzegorz Sielewicz, Chief Economist for Central and Eastern Europe at Coface and author of the payment study, delays in 2024 averaged 46.2 days — a reduction of 2.5 days compared to 2023. How did various sectors perform, and what are the economists’ forecasts for the upcoming months?
Over the past 12 months, household consumption has rebounded, no longer held back by high inflation. This factor, accounting for 57% of GDP, supported economic growth in Poland. However, macroeconomic conditions, especially limited foreign demand from Poland’s key trading partner — the German industrial sector — remained significant. Consumer caution also played a role, with people continuing to save and being sensitive to price levels. These trends are reflected in the payment behaviors of Polish companies.
Longer Invoice Payment Terms
The study shows that Polish businesses predominantly operate with short payment terms, with 40% of companies setting deadlines within 30 days.
“Compared to our previous payment study, the proportion of terms not exceeding 90 days decreased to 85.1% (from 89.7% the year before). Less than 1% of companies offered payment terms exceeding 6 months,” says Grzegorz Sielewicz, Chief Economist at Coface for Central and Eastern Europe. “It’s worth noting that the average payment term lengthened by 3.8 days in 2024, from 42.4 days in 2023 to 46.2 days in 2024. Of course, this period varies by sector,” the expert adds.
The shortest payment terms are found in the energy sector (54% of terms under 30 days), the pharmaceutical sector (50%), and the clothing industry (48%). The longest terms are in transportation (30% of payments exceeding 90 days) and the automotive industry (23%). Data also show that payment terms in Poland range from 28 days in the energy sector to 62 days in transportation.
In Which Sectors Are Payment Delays the Longest?
In 2024, payment delays have become a standard practice in Polish business, with 60.1% of surveyed companies experiencing them. In comparison, the rate was 49.3% in 2023, indicating a rising trend.
The longest payment delays were recorded in the transportation sector (an average of 61.6 days) and the textile and clothing industry (58.2 days). The shortest delays were in the energy sector (28.3 days). The transportation industry saw a notable increase in delays (by 17.9 days), while the metallurgy sector saw significant improvement, with delays shortening by 39 days.
Business Predictions
Companies participating in the study expect that overdue payments in Poland will stabilize. 68% of firms believe that overdue payment levels will remain unchanged over the next six months. Opinions among the remaining respondents are divided — 25% expect delays to increase, while only 7% anticipate a decrease. Small businesses are seen as particularly prone to increased delays, with 29% of respondents predicting this trend.
Furthermore, Polish companies exhibited the highest level of pessimism in the history of Coface’s surveys. All sectors anticipate an increase in overdue payments in the coming six months.
Forecasts for 2025
Although 2024 brought economic improvement, businesses still faced numerous challenges, including high competition and fiscal burdens such as taxes and fees. What does the future hold?
“According to Coface’s current forecast, Poland will see a 3% GDP growth in 2024, driven by a recovery in household consumption. Further improvement is expected in 2025, with real GDP growth reaching 3.5%, supported by increasing investments in fixed assets,” says Grzegorz Sielewicz. “Favorable economic conditions should contribute to the improvement or stabilization of company profitability in 2025. Labor costs will remain a significant part of operational expenses, but this factor will be less impactful than in 2024. Lower inflation also eases wage pressure. On the other hand, business margins are expected to increase slightly, as rising minimum wages and strong competition will limit their growth,” the expert concludes.
