The number of Polish companies declaring insolvency decreased by 2 percent year on year to 503 in the first half of 2019, according to a report.
The drop is mainly a result of a surge in the number of bankruptcies in previous months, trade credit insurer Euler Hermes has said. In the manufacturing sector, the number of insolvencies dropped by 5 percent from 130 in the first half of 2018 to 124 in the same period of this year.
Manufacturing saw the largest number of companies folding, followed by the service and wholesale trade sectors, according to the report.
The main cause of insolvencies across all sectors is an increase in labour costs and tax burdens, Euler Hermes said. According to the company, industry and the transport sector are additionally burdened with rising prices of energy and fuel.