Poland’s wood and furniture sector sees highest growth in insolvencies

In the first three quarters of 2024, 4,465 Polish companies declared insolvency, marking a 23% increase from the same period in 2023, according to a recent report by Coface. The wood and furniture production sectors saw the sharpest rise in insolvencies. Despite GDP growth and improvements in some industries, sole proprietors in particular are struggling with rising fuel and energy costs, and reduced export orders. The combination of high operating costs, shrinking margins, and increased labor expenses has worsened conditions for many businesses. The wood products industry (excluding furniture) experienced a staggering 167% year-on-year increase ...