Data from the Central Statistical Office (GUS) for the third quarter of 2025 show that the Polish economy has entered a phase of relative equilibrium. A total of 85,368 new enterprises were registered — just 27 more than a year earlier — and 101 bankruptcies were recorded, three fewer than in the same quarter of 2024. However, this apparent stability in the number of active businesses hides deeper structural changes in the economy: the service sector is gaining importance, while retail trade and traditional business models remain under pressure from rising costs and technological transformation.
Services as the engine of entrepreneurship
The largest increase in the number of new registrations — up by 13.4% year-on-year — was observed in the service sector, which now accounts for more than one-quarter of all newly established businesses. Particularly strong growth was seen in professional, scientific, and technical activities, as well as in real estate management and business support services. This growth has continued for the second consecutive year, indicating a lasting trend of entrepreneurship shifting toward sectors with higher added value. At the same time, the so-called “other sectors” — including education, healthcare, and culture — saw an 8.2% rise in registrations, confirming the expansion of socially and recreationally oriented service industries.
Declines in trade and construction
Traditional trade and vehicle repair are in retreat. The number of registrations in this sector fell by as much as 22.5% year-on-year, continuing the downward trend seen last year. This is the result of growing competition from e-commerce, cost pressures, and shrinking margins in the retail segment. In construction — which accounts for nearly 19% of all registrations — a slight decline was recorded (from 16.5 thousand to 16.3 thousand entities), likely due to the fading effects of infrastructure investments and uncertainty in the real estate market. A moderate decline in industry (from 6.2 thousand to 6.1 thousand) reflects the impact of weaker economic conditions in Europe and limited capital investment.
Dominance of sole proprietorships
Self-employed individuals remain the predominant form of entrepreneurship in Poland. In the third quarter of 2025, they accounted for 82.8% of all registrations. Although the number of new sole proprietorships rose by only 0.1% year-on-year, after two years of decline this marks a symbolic return to growth. Limited liability companies accounted for 15.1% of new entities — 0.6% less than a year earlier — suggesting investor caution in forming capital-based structures amid economic uncertainty. The increase in the number of simple joint-stock companies (from 205 to 267) indicates rising interest in flexible business forms among startups and technology firms.
Bankruptcies: fewer than a year ago, but more than two years ago
The number of business bankruptcies reached 101, representing a small year-on-year decline (from 104 in 2024) but an increase compared with 2023, when 87 cases were recorded. The biggest declines in bankruptcies occurred in construction (from 17 to 10 entities), services (from 23 to 17), and information and communication (down by three). At the same time, a noticeable increase was recorded in trade and vehicle repair — from 19 to 29 bankruptcies — and in industry, where the number rose from 26 to 28. These figures suggest that sectors with higher exposure to energy and raw material costs continue to struggle with maintaining financial liquidity.
Changes in the legal structure of bankruptcies
The majority of bankruptcies — as many as 78 — involved limited liability companies (sp. z o.o.), marking a return to last year’s high levels, though without the further increase observed in 2024. Declines were noted among joint-stock and limited partnerships, while the number of bankruptcies among sole proprietors rose to 11 (from 6 a year earlier). This indicates that micro-entrepreneurs are more vulnerable to market volatility, especially in low-margin, highly competitive sectors. The absence of bankruptcies among simple joint-stock companies suggests that this segment remains young and in the growth phase.
Conclusions: apparent balance, deep transformation
The overall picture for the third quarter of 2025 can be described as one of stabilization, but structurally, a clear transformation is visible. The services and professional activity sectors are becoming the main drivers of new entrepreneurship, while trade and parts of industry remain under pressure from rising costs and digital disruption. The stable number of registrations combined with a moderate level of bankruptcies may indicate that entrepreneurs are adapting to a new macroeconomic environment, in which flexibility, automation, and innovation are key to competitiveness.
In the coming quarters, the health of businesses will depend not so much on the number of new registrations as on their sustainability and ability to generate added value amid global uncertainty. The Polish economy is becoming increasingly diversified, and GUS data confirm that the structural transformation of entrepreneurship is already well underway.
Table 1. Dynamics of enterprise registrations and bankruptcies in Q3 2025 (y/y)
| Sector of activity (PKD sections) | Registrations 2024 (Q3) | Registrations 2025 (Q3) | Change y/y (%) | Bankruptcies 2024 (Q3) | Bankruptcies 2025 (Q3) | Change y/y (%) | Analytical commentary |
|---|---|---|---|---|---|---|---|
| Total | 85,341 | 85,368 | +0.03% | 104 | 101 | –2.9% | Stable indicators – slight rise in registrations and a decline in bankruptcies. |
| Industry (B–E) | 6,228 | 6,098 | –2.1% | 26 | 28 | +7.7% | Slight decline in activity; cost pressure and lower demand from the EU. |
| Construction (F) | 16,472 | 16,318 | –0.9% | 17 | 10 | –41.2% | Market cooling after previous increases; fewer bankruptcies due to lower material costs. |
| Trade and vehicle repair (G) | 13,315 | 10,314 | –22.5% | 19 | 29 | +52.6% | Sharpest drop in registrations and highest rise in bankruptcies – e-commerce and cost pressures. |
| Transport and storage (H) | 5,447 | 5,281 | –3.0% | 8 | 10 | +25.0% | Sector under pressure from fuel costs and lower foreign demand. |
| Accommodation and catering (I) | 2,959 | 2,830 | –4.4% | 2 | 3 | +50.0% | Declining activity – sector sensitive to seasonality and energy prices. |
| Information and communication (J) | 7,031 | 6,868 | –2.3% | 6 | 3 | –50.0% | Stable performance; improved efficiency reduces bankruptcies. |
| Services (K–N) | 18,952 | 21,493 | +13.4% | 23 | 17 | –26.1% | Strongest growth in registrations; business and professional services continue to expand. |
| Other sections (P–S, excl. 94) | 14,937 | 16,166 | +8.2% | 3 | 1 | –66.7% | Growth in education, healthcare, and culture; improved financial stability. |
