Average payment terms for Polish businesses were 48 days in 2020, 9 days less than in 2019, Coface reports.
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 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.
But, after the phasing out of aid measures planned for 2021, two-thirds of companies expect their business activities to deteriorate this year.