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Polish construction back to pre-pandemic level

The EFL Barometer Subindex for the Polish construction industry has reported that in the first quarter of this year it reached 54.1 points, which is 1.4 points higher than the previous quarter. This is the highest reading in 4 years – in the first quarter of 2020, it was 57.1 points. The improvement in sentiment is visible in almost every surveyed area. More companies than at the end of last year forecast higher sales (28% vs. 23%) and increased investments (15% vs. 10%). However, it is worth noting that a significant group of organisations wants to reduce investments (27%). Almost every third construction company still fears high prices and their negative impact on their operations.

Photo © Jean Marc Pierard |

'The first reading of the Barometer for the construction industry this year provides a basis for optimistic forecasts for the entire year. Firstly, the result is the highest since the outbreak of the pandemic, i.e., for 4 years. Secondly, for the second time in a row, we have exceeded the threshold of limited development, which is 50 points. We haven't had such a situation for a long time, since the end of 2021. And thirdly, there is a positive movement in investments. Every sixth entrepreneur forecasts more investment, which is the highest result among all surveyed industries. And as we always say, the growth of planned investments is one of the first indicators announcing a rebound in the sector,' said Radosław Woźniak, CEO of EFL.

High prices don't help
Asked about the impact of war and inflation on their business, construction companies are significantly less concerned about the first factor. 4% of respondents point to the negative impact of war on their operations. In the previous quarter, 15% of respondents gave such an answer.

More construction companies are concerned about inflation. 30% of enterprises fear a deterioration in their business conditions due to rising inflation. This result is 8 percentage points lower than three months earlier and one of the lowest among the surveyed industries. In HoReCa, 48% of respondents answered this way, in trade – 35%, and in services – 41%.

The main reading of the EFL Barometer for the first quarter of 2024 reached 52.5 points, which is 2.1 points higher than in the previous quarter. The achieved level of value exceeded the OR threshold, which means that micro, small, and medium-sized enterprises see opportunities for development in the coming months.

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