Poland Payment Survey: reduced payment delays, but a challenging outlook
Despite the economic slowdown, Coface’s latest survey on business payments in Poland shows that payment delayshave systematically shortened since 2017 – but the impact of the coronavirus outbreak on the Polish economy remains to be seen.
Payment terms: transport and construct offer the most generous credit periods
Poland’s GDP growth reached 4.1% in 2019 – a slowdown from the 5.1% recorded in 2018 – and is expected to slow further: Coface anticipates GDP growth in Poland to reach 3.3% in 2020. A relatively favourable macroeconomic environment has created supportive conditions for businesses in previous years. However, the full impact of the COVID-19 coronavirus remains to be observed, notably concerning trade partners. The coronavirus’ knock-on effects could further impact the economic outlook for Poland.
Half of the Polish companies surveyed declared that they impose average credit periods of up to 30 days. Declining payment terms were observed particularly in the 91 to 120 days range, with a decrease of 1.3 percentage points and an overall average decrease in the credit period: from 47.3 days in 2018 to 47 days in 2019.
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