Sales, profits, and employment all trended upwards in Q2 of 2016, although investment outlays fell, according to a report by the National Bank of Poland (NBP) published today.
The report states that these figures are confirmation of the good condition of the surveyed firms. All the major revenue categories saw an improvement, particularly foreign sales. “The percentage of profitable companies increased, while net financial results also reached a good level. This improvement was more the result of greater cost-effectiveness than of growing revenues. Revenues in Q2 stood at PLN 40.4 billion gross and PLN 36.1 billion net, which is 12.3 percent and 15.8 percent higher respectively than last year,” the report stated.
Due to the recovery in sales and good financial results, companies increased hiring faster than in the previous quarters. In fact, the growth was the fastest since 2008. The NBP report notes that for the past three years, employment growth has been recorded in the same sectors (services, industrial processing), as has employment reduction (energy, mining, and construction).