Sektor przedsiębiorstw: Wyniki finansowe i inwestycje przedsiębiorstw
Non-financial Corporations: Corporate Earnings and Investments

Summary/Abstract: The paper describes changes in firms’ earnings over the last few quarters. The high level of uncertainty and risk together with demand barrier leads to low investment levels and decreasing banks deposits of enterprises. Government initiatives aimed at stimulating investments in small and medium-sized enterprises and in infrastructure may trigger change. Enterprises reduced bank deposits without increasing the investment levels. The level of investments may increase following government’s initiatives directed at small and medium-sized enterprises (tax allowances) and at bigger enterprises (Polish Investments program). However, positive effects are not expected to materialize this year. The significance of demand barrier and problems with receivables have been growing. In 2012 the number of bankruptcies hit the record high (almost 29% increase over the previous year). Interestingly, this record was accompanied by a marked jump in new business operations (28% yearly increase). A large share of construction enterprises among the newly established firms may seem surprising as this sectors continues to struggle with collecting receivables and with insufficient demand.

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