According to Statistics Poland’s latest business tendency survey, July 2025 presented a mixed picture across sectors, with stabilisation or deterioration dominating the overall business climate. The general business climate indicators, which assess both current and expected economic conditions, showed little month-on-month improvement, except in transportation, storage, and construction. The most optimistic outlook came from the financial and insurance sectors, where the general business climate indicator stood at +24.6. However, this was still below the long-term average of +25.4. Manufacturing showed the weakest sentiment with an indicator of -7.7, reflecting persistent pessimism in the sector. In manufacturing, both the diagnostic and forecasting components deteriorated slightly compared to June. Construction showed a modest improvement from -4.7 to -3.3, while wholesale trade held relatively steady at -0.3. Retail trade declined further from -0.9 to -3.6, signaling weakening sentiment among consumer-facing businesses. Transportation and storage saw a notable upswing, moving from -0.8 to +1.1, while accommodation and food services, although still positive at +11.5, dropped from +17.3 the previous month. Information and communication remained stable at +9.0. The July survey also included special questions on the war in Ukraine and its impact on Polish businesses. The vast majority of respondents reported either no impact or only minor effects, with 91–96% of firms in all sectors falling into these categories. Serious effects or threats to company stability were more frequently cited in manufacturing and transport. Price pressures remain a concern. In the short term, most businesses expect input costs to rise, although at a slower pace. Over the next 12 months, a similar trend is anticipated, with energy, labour, and rental costs seen as the primary drivers of rising operating expenses. Regarding financing conditions, a significant proportion of businesses indicated that higher borrowing costs may lead to deferral of investments (17–26%) and hiring limitations (18–22%) over the coming year. Overall, while a few sectors show resilience, broader sentiment reflects caution as inflationary pressures and geopolitical uncertainty continue to influence business expectations across Poland.