Poland: Payment delays between companies shorten during the pandemic
The year 2020 was marked by the COVID-19 pandemic. In order to mitigate the impact of this difficult economic situation on Polish companies, various liquidity-supporting aid measures were introduced, such as tax and contribution exemptions and deferrals. As a result, despite the extensive economic crisis, payment delays between companies have shortened – however, with these aid measures are to be phased out in 2021, two thirds of companies expect their business activities to deteriorate this year.
- Average payment terms for Polish businesses were 48 days, 9 days less than in 2019.
- Payment delays are common practice in Polish companies.Only 2.4% of companies reported that they had not experienced any payment delays.
- 11% of the participating companies recorded a cumulative total of receivables delayed for more than six months and equivalent to more than 10% of annual turnover(compared to 16% a year earlier).
- The Polish economy contracted by 2.8% in 2020, but Coface estimates that it will grow by 4% in 2021.
- Despite various liquidity support measures (tax and social security exemptions and deferrals),43% of companies have not benefited from any form of assistance.
- With the phasing out of aid measures planned for 2021,two-thirds of companies expect their business activities to deteriorate this year.
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