In industry, construction and retail, the reality in November is still downwardand the opposite mood prevails in finance and insurance, the information and communication industry, the tourism industry (accommodation and catering) and wholesale trade – according to business climate surveys presented on Friday by the Central Statistical Office.
Comforting in the case of industry, one of the pillars of the Polish economy is that the diagnostic rate increased by 2.2 percentage points. compared to October to -8.6 percent, and year to year by 2.1 percentage points. Unfortunately, this does not mean that the problems are over and that things are only going up now. Nothing could be further from the truth. The forecast component of the economic climate has already deteriorated by 2 percentage points. to -7.2 percent, i.e. there is still pessimism about the future, although much less than a year earlier (improvement by 5.4 percentage points).
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In the construction industry, pessimism about the future has increased by 2.1 percentage points since October. to -11.4 percent There was an improvement in accommodation and catering by 6.1 percentage points. to -3.6 percent and in finance and insurance – by 1.2 percentage points. up to +6.1 percent
While companies assess reality differently and see the future differently depending on the industry, all industries agree on one thing – this is not a good time to invest.
Bad time for investment
This will probably change after the possible end of the war in Ukraine, but currently many more companies expect a decline rather than an increase in investments – according to a study by the Central Statistical Office. The biggest difference in reducing costs is in the industry accommodation and cateringwhere as much as 33.4 percent companies want to cut investments (including 13.1 percent significantly), and only 12.5 percent intends to raise them (including 6.7% significantly).
Economic situation in enterprises
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Central Statistical Office
It is second in the negative ranking construction where as much as 30.5 percent companies anticipate restrictions, including 15.9 percent significant, and only 11.3 percent expenditure increase, including only 2.2 percent significant.
He took third place retailwhere a decline in the level of investment is predicted by 27.7 percent. companies, including 14.1 percent significant and the increase in expenditure is expected in 13.5%, of which significant in only 5%.
Counting from year to year, it is visible deterioration of investment sentiment in accommodation and catering — in November 2025, as much as 33.4 percent companies declared a decline in investments, compared to 16.7 percent a year earlier. The number of companies has increased significantly in retail willing to reduce expenditures. In November there were 27.7 percent of them. compared to 23.4 percent a year earlier. It also got worse industrybut this is due to a decrease in the number of companies willing to increase investments to 23.5%. with 26.5 percent in November 2024.
Compared to August this year, however, there is already a visible improvement in the willingness to invest in all industries except accommodation and catering, where seasonal factors play a role. This improvement is most visible in industrywhere there were more companies willing to increase their investments to 23.5%. with 19 percent in August. In other industries, there has been an improvement since August, but only a slight one.
