News & Publications

All Coface Publications

03/16/2021
Economic Publications

The business insolvency paradox in Europe: miracle and mirage

Normally, insolvencies rise when the economy contracts. Yet, in 2020, insolvencies fell in all major eurozone economies. It is safe to assume that government support is keeping many fragile firms alive – are we therefore seeing the “calm before the storm”, with a wave of insolvencies around the corner?

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03/11/2021
Economic Publications

Middle East & Africa: volatile oil prices lead to varying effects on producing countries, including diversification

The COVID-19 pandemic’s negative impact on global GDP growth and trade volumes caused a sharp decline in oil prices. Coface expects oil prices to remain volatile in the upcoming quarters. Read our forecasts in our latest Panorama.

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10/01/2020
Economic Publications

COUNTRY & SECTOR RISK BAROMETER: Q3 2020 QUARTERLY UPDATE

In spite of a gradual recovery, political risks are on the rise

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09/15/2020
Economic Publications

Germany Corporate Payment Survey 2020: German companies have switched to “crisis-mode” and offer less payment terms

COVID-19 and its effects on the global and German economy is the predominant topic of this fourth edition of Coface’s survey on corporate payment experience in Germany.

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09/08/2020
Economic Publications

Panorama: Global renewable energies climb despite COVID-19

Despite the COVID-19 pandemic, the renewables segment of the global energy sector has continued its ascension.

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09/01/2020
Economic Publications

THE NETHERLANDS - CORPORATE PAYMENT SURVEY 2020

More payment delays alongside COVID-19 for Dutch companies

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07/23/2020
Economic Publications

POST-PANDEMIC PRODUCTION RELOCATION: AN OPPORTUNITY FOR CEE COUNTRIES

The COVID-19 crisis has triggered a discussion on increasing supply chain resilience to foreign supply shocks.
Before the pandemic’s arrival in Europe, a lockdown of factories that temporarily suspended manufacturing in China put the supply of intermediary goods at risk. In order to limit such risks, supply chain managers are likely to diversify their sources of supply.

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07/16/2020
Economic Publications

Global Transport: What does the future hold beyond COVID-19?


The COVID-19 pandemic has triggered a mobility crisis, mainly because of physical distancing requirements and the necessity to avoid confined spaces, in order to limit the virus’ propagation. This has had a disastrous impact on the global transport sector, with air passenger transport being the most affected segment.

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07/10/2020
Economic Publications

UNITED STATES: TWO-SPEED BUSINESS BANKRUPTCIES

The COVID-19 pandemic has hit the United States (U.S.) very hard, inflicting a heavy human and economic toll.

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07/02/2020
Economic Publications

Asia-Pacific Corporate Payment Survey 2020: COVID-19 will overturn last year’s incipient recovery

Coface’s annual Asia Corporate Payment Survey evaluates the payment behaviour of companies across nine economies in Asia Pacific.

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06/16/2020
Economic Publications

Focus: Corporate insolvencies in Europe - temporary framework amendments kick the can down the road

The economic consequences of the COVID-19 pandemic are of an unprecedented scale in Europe. The twin supply-demand shock has resulted in the halting of production (at least partially) in many companies as employees cannot go to work and in a fall in consumption because of mobility restrictions. The decline in revenues has deteriorated companies’ cash positions, fostering an increase in payment delays – and, ultimately, payment defaults.

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05/26/2020
Economic Publications

Focus: World Trade - despite a sudden interruption, global value chains still have a bright future

In the midst of the COVID-19 pandemic, global trade has been dragged down by numerous factors. However, as tight border controls begin to ease and producers begin to adapt, the good news is that global value chains still have a bright future.

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04/29/2020
Economic Publications

Focus: COVID-19 swings the spotlight back onto emerging countries’debt


While the focus, so far, has mainly been on China, Europe and the United States, the consequences of the COVID-19 pandemic are likely to be even more severe in emerging economies

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02/11/2020
Economic Publications

Coface handbook: Country & Sector risks 2020

Download the Coface handbook about Country & Sector risks 2020. Tools for identifying, assessing and monitoring the risks businesses are facing.

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10/25/2019
Economic Publications

Germany Payment Survey 2019: Turn of the tide

This is the third edition of Coface’s survey on payment experience in Germany, done this summer, with 442 participating companies located in Germany. Our survey highlights that Germany is in a changing phase. The pressure on companies due to international competition is getting stronger. This is one of the reasons why German companies have increased their average credit period from 29.8 days to 35.9 days between 2017 and 2019.

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10/17/2019
Economic Publications

Global economy in 2020: general slowdown despite the action of central banks

As usual, many political events marked the summer: another episode of the Argentine exchange rate crisis, an unexpected change of government in Italy, major demonstrations in Hong Kong and Russia, an ever more challenging continuation of the “Brexit” process and an attack on oil installations in Saudi Arabia.

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10/17/2019
Economic Publications

Country risk assessment map - october 2019

New edition of the country risk map. Consult, download and print the map of the 161 countries assessed by Coface.

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10/17/2019
Economic Publications

Global outlook for the agri-food sector within a protectionist environment

The agri-food sector (alongside the ICT sector), has been at the heart of the global trade war, aggravated by the fact that China’s retaliation measures have often targeted US soybean imports. As a consequence, the US agri-food sector, notably American soybean exporters are negatively impacted by this situation.

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10/17/2019
Economic Publications

Sector risk assessment map - october 2019

13 major sectors assessed worldwide. Coface assessments are based on 70 years of Coface expertise and on the financial data published by listed companies from 6 geographical sectors. 5 financial indicators are taken into account: turnover, profitability, the net debt ratio, cashflow, and claims observed by our risk managers.

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10/03/2019
Economic Publications

The “Made in Russia” strategy: a limited instrument for economic diversification

Thanks to the efforts of the authorities, the diversification of the Russian economy is progressing, particularly in certain sectors such as information technology, pharmaceuticals, the automotive industry and the agrifood sector. In the latter case, the process was encouraged by Russian counter-sanctions adopted as a response to Western sanctions.

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09/24/2019
Economic Publications

Netherlands: What is the secret of Dutch trade?

In 2018, the Netherlands were the sixth-largest goods exporter in the world. In the service-exports category, the Dutch placed eighth in 2015. Considering exports relative to GDP, the Netherlands took third place in 2015 (right behind Ireland and Switzerland). However, times have changed...

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09/12/2019
Economic Publications

CEE insolvencies: so far, so good despite an increasingly challenging global economic environment

The Central and Eastern European region has experienced unparalleled growth in the European Union. However, a slowdown is expected in the coming years.

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09/05/2019
Economic Publications

Coface CEE TOP 500 Companies - 2019 Edition

Analyses show that the favourable economic environment was beneficial for the region’s 500 largest businesses, which translated into higher revenues. However, various challenges caused net profits to decrease. Competition is getting more intense and a higher turnover is required to be classified in the ranking compared to previous years.

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09/05/2019
Economic Publications

Coface Baltic Top 50 - 2019 Edition

The Baltic region’s economic growth is strongly driven by domestic demand. The countries benefit from the favourable situation on the labour market as well as rebounding fixed asset investments. Nevertheless, the external environment remains crucial for the Baltic States. The share of exports of goods and services as a percentage of nominal GDP is especially high in Lithuania and Estonia, where it amounted to 82% and 72% respectively last year. In Latvia it was 59%, making dependence on foreign markets a further important factor.

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09/05/2019
Economic Publications

Coface Adriatic/Balkan Top 50 - 2019 Edition

The Adriatic countries are small economies which are open for external trade with the majority of export volumes sent within the region as well as to Eurozone countries.

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08/05/2019
Economic Publications

GCC: tight financial conditions for businesses feed alternative sources of financing

Despite improving economic performances across the Gulf Cooperation Council (GCC), monetary and financial conditions remain tighter compared with before 2015. Access to financing remains one of the key issues for companies, particularly for small- and medium-sized enterprises (SMEs). Loan growth in the region has recovered somewhat thanks to higher oil prices, but it remains below its historical average.

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07/24/2019
Economic Publications

Asia-Pacific Corporate Payment Survey 2019: deteriorating payment trends amid trade war woes

Trade wars, volatile global capital flows, slowing growth in the United States (U.S.) and Europe, Brexit — businesses in the Asia-Pacific (APAC) region had to navigate a number of political, economic, and financial pitfalls last year. To better understand the impact that such events have on companies, Coface conducts annual corporate payment surveys across the world. The 2019 Asia-Pacific Corporate Payment Survey covers nine economies in the APAC region. For the survey, data was collected from over 3,000 companies during the fourth quarter of 2018.

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07/08/2019
Economic Publications

Country risk assessment map - July 2019

New edition of the country risk map. Consult, download and print the map of the 161 countries assessed by Coface.

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07/08/2019
Economic Publications

Political risks in Africa: the temperature is rising

Africa has seen a bevy of political events in recent months. After the deterioration of the security situation in the Sahel, as well as the forced departures of historical leaders from Algeria and Sudan via the streets, where will the political risks manifest in the second half of the year?

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07/08/2019
Economic Publications

Trade tensions return to the forefront of the global economy - Country and Sectors risks Barometer

The first part of 2019 was marked by the decline in world trade, which will decrease in volume over the year as a whole according to our forecasts (-0.7%), despite a slight recovery expected in the second half of 2019.

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06/26/2019
Economic Publications

An unsure future for natural gas: How risks could derail the current boom

The energy industry is quickly evolving: as renewable energy sources increase in popularity compared to fossil fuels, their costs are plummeting. New forms of electricity conservation have recently become the focal point of widespread international attention, resulting in heavy investment and research. Furthermore, natural gas is increasingly losing its reputation as a cleaner energy source in the battle against climate change, as it pollutes more than renewable alternatives.

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06/19/2019
Economic Publications

Morocco Payment Survey 2019: Payment terms to remain long

During the first quarter of 2019, Coface conducted its fourth survey on businesses’ payment experience in Morocco. This survey aims to monitor the evolution of payment terms and delays. The payment behaviour reflects the evolution of both the economic situation and of the business environment.

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06/18/2019
Economic Publications

Corporate insolvencies in France: micro-entreprises in the wave’s trough

During the first four months of 2019, the rate of corporate insolvencies in France increased by +0.8%. This rate was particularly high during January and February, mainly due to the repercussions of the "gilets jaunes" (yellow vests) movement; however, the increasing rate of insolvencies declined in March and April. Nonetheless, Coface anticipates that, despite resilient economic growth, insolvencies will increase by +1.7% over the whole of 2019 (…)

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05/27/2019
Economic Publications

From copycat to early bird: Taking stock of China’s 5G ambitions

China has rapidly become a big player in 5G technology, thanks to the government’s strategy and its support of high investment in Research and Development (R&D). This new technology is part of the Made in China 2025 initiative, through which the Chinese government targets self-sufficiency in high-end industries. China coordinated its approach to 5G and some successes are already visible. For example, 40% of global patents for current 5G network standards are from Chinese firms. Moreover, Chinese companies are set to benefit from 5G. Huawei is the global leader in network infrastructures; it currently holds 29% of the market (...)

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05/14/2019
Economic Publications

Luxury market performance in global economic downturns: is this time different?

The luxury market is unique, mainly due to the fact that its products are consumed for social distinction. This has helped companies in the segment to outperform other sector-segments over the past years. Nevertheless, the luxury market is facing important challenges, notably regarding counterfeit products, a risk for companies, and e-commerce, which is disrupting how business is conducted. In addition, the market is not immune to challenging economic conditions. Global economic activity is currently experiencing a slowdown: Coface forecasts a global GDP growth rate of 2.9% in 2019 after 3.2% in 2018, and this will have an impact on some luxury products. Looking ahead, the rise of emerging markets’ middle classes – especially in China – presents great opportunities. Despite global economic slowdown, we are therefore expecting the luxury retail market overall to be resilient, notably benefiting from the rise of Chinese consumers’ appetite for luxury.

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04/23/2019
Economic Publications

Central Asia: is the ménage à trois with China and Russia sustainable?

Central Asia is both a partner and a trade gateway for China and Europe. It is located on two branches of the New Silk Road. Despite criticism, China is the most involved in the development of Central Asian corridors. This deployment is not obvious given the competition from other routes and poor regional cooperation. While Russian influence remains significant through expatriate remittances, its military bases, and culture, it is being supplanted by China in economic matters.

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04/22/2019
Economic Publications

The great industrial rotation continues - Country and Sector risks Barometer

Signs of the global economic slowdown continued to accumulate at the beginning of 2019: companies are much less confident than a year ago, and global trade is showing signs of fatigue.

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04/22/2019
Economic Publications

Country risk assessment map - April 2019

New edition of the country risk map. Consult, download and print the map of the 161 countries assessed by Coface.

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04/10/2019
Economic Publications

Despite five years of “Modinomics”, India continues to be constrained by economic fragilities

When Narendra Modi ran for Prime Minister in 2014, he pledged to boost the competitiveness of India’s industrial sector to promote growth. Five years later, the economy is in a better position, but many of the structural fragilities that Modi inherited continue to afflict India today.

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04/02/2019
Economic Publications

Latin America: Brazil and Mexico’s oil industries – opposite policies?

In the context of a global oil market that is likely to remain volatile, the two largest Latin American economies – Brazil and Mexico – are expected to implement significant changes in their energy policies in the medium term. Both countries have appointed new presidents in the last year following polarised elections: in Brazil the right-wing president Jair Bolsonaro took office in January 2019, while December 2018 saw the arrival of left-wing André Manuel Lopez Obrador (AMLO)1. Similarly, the two oil industries share two main common features: their state-owned companies have experienced significant financial and governance issues, and both countries are crude oil exporters and net oil derivative importers. Conversely, in terms of energy policies, they appear to be taking opposite directions.

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03/22/2019
Economic Publications

China Payment Survey 2019: Longer delays as growth falters

The Chinese economy experienced some challenges in 2018 . Corporate bond defaults in US dollars quadrupled, reaching an amount of USD 16 billion, while the number of bankruptcy cases settled through the Supreme Court of the People’s Republic of China spiked to 6,646 (...)

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03/20/2019
Economic Publications

Poland Payment Survey 2019: Robust economic growth has not eliminated payment delays

The third edition of Coface’s survey on payment experiences in Poland was carried out in December 2018 with 293 companies participating in the study.

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02/27/2019
Economic Publications

Turkey’s economic slowdown continues, but exports offer some support

Turkey is experiencing a severe economic slowdown, coupled with a jump in inflation, as a result of the sharp depreciation of the lira during 2018.

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02/11/2019
Economic Publications

Global economy: industry is stalling

Despite the many obstacles in its path (diverse and varied political risks, high volatility of commodity prices, supply constraint s in advanced economies, to name but a few), world growth in 2018 managed to sustain its 2017 rate (3.2%)

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02/11/2019
Economic Publications

Country risk assessment map - January 2019

Country risk assessment map - January 2019

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02/11/2019
Economic Publications

Infographics - Sector risk assessments

Infographics - Sector risk assessments

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01/23/2019
Economic Publications

Corporate insolvencies in France: 2018 report and outlook for 2019

The number of corporate insolvencies has increased since May 2018. Coface expects this trend to continue in 2019 (+1%), in a context of growth hampered both by a less favourable international environment (less dynamic growth in the rest of the world, greater protectionism), and by ongoing supply constraints (capacity utilisation rates and recruitment difficulties are at their highest since 2007) (...)

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12/21/2018
Economic Publications

Tighter global liquidity and Asia: not all gloom and doom

Asia has been under pressure following from tighter global liquidity in 2018, led by a rapid pace of interest rate hikes by the Federal Reserve (Fed) of the Unites States (US) (...)

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12/06/2018
Economic Publications

Corporate insolvencies in France: all good things come to an end

The third quarter of 2018 marks a turning point for companies in France: for the first time in two years, insolvencies increased by 2.3% compared to the same quarter of the year previous (...)

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11/19/2018
Economic Publications

Wind energy: how long will the wind stay in the industry’s sails?

Wind energy undoubtedly has a bright future, with many countries around the world eager to develop this source (...)

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11/19/2018
Economic Publications

Could SMEs become the weak link in China’s economy?

When considering risk in the Chinese economy, a lot of the discussion has focused on large State-Owned Enterprises (SOEs), or large private conglomerates. However, headwinds impacting an understated group of smaller firms have the potential to be much more disruptive: Small and Medium Enterprises (SMEs) account for the majority of enterprises and a sizeable proportion of employment. However, the need to address financial stability risks associated with China’s vast corporate indebtedness – most of which has historically been associated with SOEs – has left SMEs scrambling to access financial resources to meet their working capital and long-term expansion needs.

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11/16/2018
Economic Publications

UAE: a new place in new world trade?

The United Arab Emirates (UAE) has the second largest and the most diversified economy in the Gulf Cooperation Council (GCC) (...)

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10/10/2018
Economic Publications

A new deal of cards for emerging markets

The past quarter has been marked by a continued rise in oil prices and capital outflows from emerging markets (...)

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10/09/2018
Economic Publications

Country Risk assessment map - 3rd quarter 2018

160 countries under the magnifying glass

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10/09/2018
Economic Publications

Sector risk assessments 3rd quarter 2018

13 major sectors assessed worldwide

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10/09/2018
Economic Publications

US Trade Protectionism: what are the knock-on effects on global value chains?

While policies to open up trade have been a standard feature since the creation of the World Trade Organization (WTO) in 1995, the 2008-2009 crisis proved a turning point (...)

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09/28/2018
Economic Publications

Central & Eastern Europe Insolvencies: Good times come to an end

A favourable economic environment was not enough to reduce company insolvencies in Central and Eastern Europe (CEE). While average GDP growth accelerated to 4.5%, i.e. the highest level in nine years, insolvencies increased by 6.4%.

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09/20/2018
Economic Publications

Rising political risks cloud outlook for Asian economies

Political risks in Asia have increased, according to Coface’s Political Risk Model (...)

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09/05/2018
Economic Publications

Coface Adriatic/Balkan Top 50 - 2018 Edition

Last year saw solid economic activity in the Adriatic/Balkan region. However, this did not apply to all countries. The largest companies in the region took advantage from the economic growth and grew themselves by an impressive 17.0%, with Slovenian companies profiting the most (+22.6%). However, in the country ranking, Croatia took the lead as the home country for most companies (17). Overall net profits increased by 6.7% in 2017 and employment by 2.0%.

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09/05/2018
Economic Publications

Coface Baltic Top 50 - 2018 Edition

In 2017, the Baltic States benefited from a rebound in external demand. All countries recorded a high growth rate of exports. However, the ongoing increase in household consumption and a revival of investments made domestic demand the main driving force of these economies. The results of the largest companies in the region underline this positive economic development. Overall turnover increased by 9.8%. Net profits likewise developed well, posting a rise of 25.3% for all top 50 companies.

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09/05/2018
Economic Publications

Coface CEE TOP 500 Companies - 2018 Edition

Analyses show a strong and expanding CEE region with decreasing risks in 2017, which also translated into higher revenues and net profits at the region’s 500 largest businesses. Competition at the top is getting more intense.

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08/17/2018
Economic Publications

Businesses in Greece: finally, a fresh start?

With Greece about to pull out of its third bailout package, signs of economic recovery are multiplying: 2017 was a year marked by the return of positive growth (+1.4%), and - despite weakening growth in the eurozone - Greek GDP growth is expected to be close to 2% in 2018, with Greek households and businesses remaining more optimistic in the first half of the year than in 2017.

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07/18/2018
Economic Publications

Asia Corporate Payment Survey 2018: Regional giants grapple with rising credit risks

Coface’s 2018 Asia Corporate Payment Survey covers nine economies. Data collection took place during the fourth quarter of 2017, and valid responses were collected from almost 3,000 companies. Respondents in Asia were under pressure to further extend their payment terms (...)

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07/15/2018
Economic Publications

Race for market share in Africa: the European pack is catching up with the French breakaway

The loss of French influence is not only attributable to China: other major emerging countries, as well as some European neighbours, have entered the African market.

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06/27/2018
Economic Publications

Barometer country and sector risks barometer Q2 2018

Feels like déjà vu : Rising sovereign spreads in the eurozone, increased protectionism, higher oil prices, capital outflows from major emerging countries.

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06/26/2018
Economic Publications

Sector risk assessments - 2nd quarter 2018

13 MAJOR SECTORS ASSESSED WORLDWIDE

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06/26/2018
Economic Publications

Country risk assessment map : 2nd quarter 2018

160 countries under the magnifying glass

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06/06/2018
Economic Publications

Taking stock of global metal sector trends and outlook

The most-widely traded base and ferrous metals have benefitted from a bull market since mid-2016 (...)

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06/04/2018
Economic Publications

Political Risk in Latin America: Back to the future?

Latin America has experienced a diffi cult period since 2014. The slump in commodity prices has impacted activity via several channels (...)

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05/24/2018
Economic Publications

Turkey Payment Survey 2018: Payment terms expand amid positive economic expectations

This is the first corporate payment survey in Turkey aiming at indicating how payment terms stand in different sectors, how companies manage credi t management practices and evaluate future payment experience (...)

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05/22/2018
Economic Publications

Western Balkans and the European Union: political ties lagging behind economic ones

Despite regional conflicts, the 2007-08 financial crisis, and the 2009-11 eurozone crisis, Western Balkans countries have developed a close economic proximity with the European Union via a number of regional and bilateral agreements. However, due to institutional, economic, and diplomatic obstacles, accession to the EU will be a long process. At the same time, due to the region’s strategic importance and with the reinforcement of membership conditions, accession (or a pre-accession status) is likely to happen – especially as membership would divert the region from other
interested parties (Russia, China).

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05/10/2018
Economic Publications

The new Mediterranean trade routes

Integration is slowly declining in the mediterranean. Nevertheless, new trade routes have opened.

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05/10/2018
Economic Publications

Infographics - New mediterranean trade routes

More intra-mediterranean agreements. New bilateral trade flows are emerging

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04/24/2018
Economic Publications

Currency Risk in Africa: easing in 2018, but reserves have melted

The exchange rate risk is still relevant on the African continent, as evidenced by the depreciation of the Angolan kwanza by more than 30% since the partial liberalisation of the exchange rate regime in January 2018.

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04/23/2018
Economic Publications

China Corporate Payment Survey 2018: payment delays increase despite rapid and robust growth

The Chinese economy staged a comeback in 2017. GDP ticked up from 6.7% in 2016 to 6.9% in 2017, favoured by strong demand, as well as loose monetary and fiscal policy settings. As a result, risk managers have become more complacent, both in terms of their economic expectations and their risk management procedures.

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04/20/2018
Economic Publications

Country and sector risks barometers Q1-2018 : Beyond the peak of global growth

The leading Western economies continued to perform well during the first quarter of 2018. The United States (US) economy is expected to remain robust this year, with a GDP growth forecast of 2.3%.

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04/20/2018
Economic Publications

Sector Risk Assessments - 1st quarter 2018

13 MAJOR SECTORS ASSESSED WORLDWIDE

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04/20/2018
Economic Publications

Country risk assessment map - 1st quarter 2018

160 countries under the magnifying glass

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04/03/2018
Economic Publications

China Corporate Payment Survey 2018: payment delays increase despite rapid and robust growth

The Chinese economy staged a comeback in 2017. GDP ticked up from 6.7% in 2016 to 6.9% in 2017, favoured by strong demand, as well as loose monetary and fiscal policy settings. As a result, risk managers have become more complacent, both in terms of their economic expectations and their risk management procedures.

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03/30/2018
Economic Publications

The singularity of political risk in Central and Eastern Europe

With the ongoing wave of elections in the Central and Eastern Europe region, CEE countries are experiencing a key period of change in a context of political risk and economic acceleration (...)

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03/22/2018
Economic Publications

Coface handbook: Country & Sector risks 2018

Download the Coface handbook about Country & Sector risks 2018. Tools for identifying, assessing and monitoring the risks businesses are facing.

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03/20/2018
Economic Publications

Clash of the Titans: China’s rise fuels competition with Japan’s interests in Asia

China has undoubtedly modelled itself as the new champion of globalisation. Nowhere is this felt more strongly than in Asia (...)

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03/12/2018
Economic Publications

Poland Payment Survey 2018: Payment delays mounting amid robust economic growth

The second edition of Coface’s survey on payment experiences in Poland was carried out in December 2017 (...)

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03/07/2018
Economic Publications

Companies in France: fewer business insolvencies, but still just as many “zombies”

The number of corporate insolvencies in France has continued to decline at the beginning of 2018: -8.3% year-on-year to end of January (...)

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02/27/2018
Economic Publications

Mexico Automotive Industry: Headwinds coming from the North

The Mexican automotive industry has experienced strong growth since the signing of the North American Free Trade Agreement (NAFTA) in 1993. (...)

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01/22/2018
Economic Publications

Country risk assessment map - January 2018

160 countries under the magnifying glass. Coface assesses the average credit risk of companies in 160 countries.

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01/22/2018
Economic Publications

Sector risk assessments - January 2018

13 major sectors assessed worldwide. Every quarter, Coface reviews the assessments of 13 sectors throughout 24 countries in 6 major regions in the world (representing approximately 75% of global GDP).

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12/22/2017
Economic Publications

Turkey: Impressive growth but increasing vulnerability to external factors

Turkey’s economy grew substantially during the first three quarters of 2017, surging by 7.4% compared to a year earlier (...)

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12/20/2017
Economic Publications

Infographics - French organic food sector: how can it increase scale without abandoning its original principles?

Strength of organic companies and consumption growing faster than supply

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12/20/2017
Economic Publications

France: will the organic agrofood sector be forced to abandon its principles?

The agrofood industry is facing a number of challenges in Europe1, including the central issue of how to share created value.

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11/28/2017
Economic Publications

Germany’s corporate payment survey: a better year, particularly for exporters

Coface carried out its second payment survey for Germany this year, making it possible to compare results between the two surveys (...)

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11/27/2017
Economic Publications

The UK automotive sector and Brexit – or, how to slow a rolling industry

The UK automotive industry is entering a dry period. The voices of the main UK industry representatives and their concerns regarding the negative effects of a potential hard Brexit appear to remain unheard (...)

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11/24/2017
Economic Publications

Poland insolvencies Focus: Are restructuring proceedings the remedy?

Business proceedings aimed at insolvencies and restructuring have been on rise in Poland this year.

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11/20/2017
Economic Publications

Embargo on Qatar: Manageable for the time being, but not perennially

On June 5, 2017 Saudi Arabia, the United Arab Emirates, Egypt and Bahrain (known as the quartet) announced they were breaking diplomatic ties with Qatar (...)

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11/08/2017
Economic Publications

China-Africa: Will the marriage of convenience last?

Falling in love is easier than staying in love: a tale of unbalanced exchanges and increasing dependency

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11/08/2017
Economic Publications

Infographics - New chinese ambitions in Sub-saharan Africa

Unbalanced Trade links between China and Africa. Under threat from a potential drop in chinese demand

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10/19/2017
Economic Publications

Argentina legislative elections: is the continuity of the pro-business direction at stake?

Since Mauricio Macri took office in mid-December 2015, the economy has started to recover

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10/01/2017
Economic Publications

Country risk assessment map 3rd quarter 2017

Each quarter Coface evaluates 160 countries with a unique methodology.

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10/01/2017
Economic Publications

Infographics - Sector risk assessments - 3rd Quarter 2017

12 Major sectors assessed worldwide, each quarter, by Coface.

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09/30/2017
Economic Publications

Morocco: Drawing out of Payment Periods, a Perplexing Trend?

While more than 30% of respondents said in 2015 that that the time between the transmission of invoice and collection was between 30 and 60 days, this share decreased to 24% of respondents in 2016 and 11% of respondents in 2017.

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09/27/2017
Economic Publications

Are bond markets the new “spare tyre” for corporates in emerging economies?

If the year 2017 is synonymous with a slight economic upturn in the emerging markets, let’s not forget the previous three years were marked by increased corporate risk

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09/26/2017
Economic Publications

Country and sector risk Barometer Q3 2017 - Global growth recovery: a real or a false start?

For once, the summer proved to be particularly quiet. No major events disrupted the path taken by the world economy.

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09/15/2017
Economic Publications

Time to address the infrastructure gap in Latin America

During the commodity super-cycle that lasted over a decade, until around 2014, Latin American economies showed robust performance.

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09/07/2017
Economic Publications

Central and Eastern Europe: Less business insolvencies despite temporary headwinds in the construction sector

Political changes in the US have caused uncertainty over the trade policies that could be implemented and the region’s vulnerability to tighter financial conditions. Since Donald Trump’s victory, the currencies of many emerging countries have fallen against the dollar. Mexico’s currency was the most greatly affected in the world, with 19 % depreciation against the USD in 2016

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08/31/2017
Economic Publications

Coface CEE Top 500 Companies - 2017 edition

The CEE Top 500 ranks the 500 biggest companies in the region by turnover. These top players increased their turnover by 4.2% to nearly 593 billion EUR and enlarged their staff by 0.5%.

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07/31/2017
Economic Publications

Latin America: The winners and losers of “Trumponomics”

Political changes in the US have caused uncertainty over the trade policies that could be implemented and the region’s vulnerability to tighter financial conditions. Since Donald Trump’s victory, the currencies of many emerging countries have fallen against the dollar. Mexico’s currency was the most greatly affected in the world, with 19 % depreciation against the USD in 2016

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07/27/2017
Economic Publications

Tough funding conditions for GCC corporates: the hidden effect of lower oil prices

Oil prices declined by around 75% between mid- 2014 and January 2016 (...)

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07/12/2017
Economic Publications

Asia Corporate Payment Survey 2016: tail risks are on the rise

Coface conducts an annual survey to examine corporate payment trends and experiences in eight selected economies(1) in the Asia Pacific (APAC) region. Our corporate payment survey for 2016 showed that non-payment risks escalated on the back of financial stress and a looser approach to credit controls (...)

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07/05/2017
Economic Publications

A gust of optimism is blowing over the world economy

At the end of the first quarter of 2017, we were wondering whether the timid global economic recovery was a flash in the pan (...)

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07/05/2017
Economic Publications

Country risk assessment map 2nd quarter 2017

160 countries under the magnifying glass

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06/07/2017
Economic Publications

In the face of Brexit, are British businesses left to sink or swim?

One year after the “yes” vote for Brexit, seen as traumatic, the time has come for the United Kingdom to accelerate the implementation of its exit from the European Union (EU).

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05/31/2017
Economic Publications

Russia – from recession to recovery, but to what extent and how fast?

Between 1999 and 2008, Russia’s GDP grew by an average of almost 7% per year. In 2009, the fall in oil prices led to a severe recession (-7.8%).

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05/12/2017
Economic Publications

Labour shortages in Central and Eastern Europe countries: a growing concern for businesses

Labour markets in the Central and Eastern Europe (CEE) region are continuing to improve.
Unemployment rates have reached the lowest levels ever recorded and most CEE economies are enjoying lower unemployment than the EU average

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05/10/2017
Economic Publications

China corporate payment survey: the devil is in the detail

In 2016, credit extension practices in China differed from those seen in previous years. Fewer Chinese companies offered credit sales – but (...)

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04/07/2017
Economic Publications

Recovery in global growth: more than a flash in the pan?

Signs of a recovery in global growth are multiplying at the start of 2017.

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04/05/2017
Economic Publications

The rise and rise of political risks

Political risk seems to have been at the core of concerns since 2016, following numbers of articles and editorials on the topic (...)

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04/05/2017
Economic Publications

Country risk assessment map - 1st quarter 2017

160 countries under the magnifying glass

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03/31/2017
Economic Publications

RMB depreciation, capital flow measures and new monetary stance - What are the implications for Chinese corporates?

The potential depreciation of the renminbi (RMB), along with the implementation of capital flow measures, are longstanding concerns for China.

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03/16/2017
Economic Publications

Business insolvencies in France: new year starts where the old year left off

January 2017 saw the drop in insolvencies, which started in May 2014, reach 58,031 - its lowest figure since September 2012 (-2.8% on the same period in 2016)

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02/20/2017
Economic Publications

Coface Brazil corporate payment survey

Brazilian companies are currently faced with a challenging environment. GDP underwent an accumulated contraction of 7.4% during the two years of 2015-2016.

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01/31/2017
Economic Publications

Country risk assessment map - January 2017 - 4th quarter 2016

Despite the recent economic upturn, uncertainties will continue to dominate the global economic climate this year.

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01/31/2017
Economic Publications

Panorama: An economic upturn in the face of uncertainty

Starting with falling oil prices and financial markets in the winter, the Brexit referendum in the summer and the election of Donald Trump in the autumn, 2016 was punctuated by a series of upsets.

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12/23/2016
Economic Publications

Still Tough Times For South Africa?

South Africa’s growth performance has been in decline since the global financial crisis. Since peaking in 2011, the growth rate (hit by lower commodity prices and power supply problems) has continued to slow.

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12/22/2016
Economic Publications

Turkey: end of the tulip period?

Turkey’s economy experienced several shocks during 2015 and 2016. Heightened political uncertainties, regional tensions, the US rate hike process, the credit rating downgrade and domestic security issues, have all resulted in (...)

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12/20/2016
Economic Publications

Uberisation of the economy in France: a new weapon of mass creative destruction?

Why is the collaborative economy so captivating in France? First of all, because it is synonymous with youth and innovation. But also because sectors that (...)

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12/20/2016
Economic Publications

Company insolvencies in France: a further fall in 2017

The number of insolvencies in France continued to fall in the twelve months to end-October 2016 (-1.0%) (...)

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12/09/2016
Economic Publications

Barometer of sector risks in the world - 4th Quarter 2016

For this quarter, the result is clearly negative once again, as eight sectors have been downgraded and only one upgraded. The changes concern North America (increased risks in the retail, textile-clothing, paper-wood and transport sectors), Western Europe (downgrade of the agrofood sector) and Central Europe (downgrades for construction and IT & communications, but an upgrade for the transport sector) and Middle East (downgrade for IT & communications).

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12/09/2016
Economic Publications

Infographics - Sector risk assessments - 4th Quarter 2016

12 major sectors assessed worldwide

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12/06/2016
Economic Publications

Panorama - German Economy in 2017: Stable, but not staid

The signs for Germany’s further economic development are promising, with a high level of stability.

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11/16/2016
Economic Publications

Mexico’s economy: more difficult times ahead

Mexico’s economy has been increasing above the Latin American average since 2012. While the region contracted by 0.5 % in 2015, Mexico, its second largest economy, grew by 2.5 %.

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11/08/2016
Economic Publications

Abenomics: The first arrow has silent impact on Japan’s exports and the yen, why?

Despite the silent impact of the first arrow on Japan’s exports, the operating profits of Japanese manufacturers which have been mainly exported oriented surged, in part due to their pricing-to-market behaviour.

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11/02/2016
Economic Publications

European economies: Will political risk spoil the party in 2017?

The UK referendum in June, parliamentary elections in, Spain in December 2015 and June 2016...

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10/20/2016
Economic Publications

Country Risk Barometer Q3 2016

Concern again focused on oil prices,the emerging market thermometer

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10/20/2016
Economic Publications

Country risk assessment map • 3rd quarter 2016

160 countries under the magnifying glass

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10/04/2016
Economic Publications

Latin america: why are Manufacturing exports still Lackluster?

Up until 2014, Latin America’s exports were boosted by China’s vast appetite for raw materials and the hike in their international prices.

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09/26/2016
Economic Publications

Panorama Poland: Insolvencies Fall Amid Fair Economic Growth

Poland has seen a slowing of its economy this year, compared to 2015. Nevertheless, growth is still continuing at a fair rate and, in fact, remains at a level which many other economies can only dream of.

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09/23/2016
Economic Publications

Panorama France: Growth takes a time-out

French growth has taken a time-out in Q2. The political uncertainties in the United Kingdom, the strikes in May and the floods affecting Ile-deFrance are all likely suspects responsible for this surprise halt. However, the figures are expected to recover in Q3.

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09/15/2016
Economic Publications

Agrofood in North Africa: a strategic sector at nature’s mercy

The importance of the Agrobusiness sector varies between the different North African economies. While on a regional level, the sector leads exports, on a country basis it differs. In Morroco, agribusiness benefits from government subsidies, as it contributes nearly 16% of GDP and provides employment for 40% of the population. Overall, across the main north African countries, the lowest level of risk is in Morocco...

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09/13/2016
Economic Publications

US pharmaceuticals have enjoyed their time in the sun, but is it time to get out the umbrellas?

Despite having the highest healthcare expenditure of all industrialised nations (17.1% of GDP in 2013), the US public health outcomes are being outperformed by other advanced nations.

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08/31/2016
Economic Publications

Coface CEE Top 500 Companies - 2016 edition

The CEE Top 500 ranks the 500 biggest companies in the region by turnover. These top players increased their turnover by 4.2% to nearly 593 billion EUR and enlarged their staff by 0.5%.

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08/31/2016
Economic Publications

Coface Baltics Top 50 - 2016 edition

Faced with a contraction in Russian demand, the Baltics have shifted their exports to other markets, with significant compensation also coming from an improvement in domestic markets. This rather challenging situation is also expressed in the results of this year’s Top 50 ranking.

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08/31/2016
Economic Publications

Coface Adriatic/Balkan Top 50 - 2016 edition

The fifth edition of the Coface Adriatic/Balkan Top 50 ranks the largest companies of the region by turnover.

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08/30/2016
Economic Publications

Germany corporate payment survey 2016: so far, so good, but the devil is in the details

2016 marks the first time Coface has carried out a payment survey for Germany. This follows on from other surveys presented this year for (...)

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08/23/2016
Economic Publications

China’s two-speed economy: Sector winners and losers

In the light of the on-going structural reforms, the "tale of two Chinas" is resulting in sector wise winners and losers, linked to their growth potential in the medium and longer term, government policies and structural demand.

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08/01/2016
Economic Publications

Barometer of sector risks in the world - July 2016

Coface updates its risks outlook for 12 business sectors in 6 regions every quarter.

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07/14/2016
Economic Publications

Insolvencies in Central and Eastern Europe

Companies in the Central and Eastern Europe region reported solid economic growth rates as well as more structured growth last year.

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07/04/2016
Economic Publications

Sub-Saharan Africa: hit but not sinking

Sluggish global growth, characterised in particular by China's loss of momentum, shock to commodity prices… Sub-Saharan Africa has not been spared in the global tempest and seeks to maintain growth against wind and tide. The commodity producers are the most affected.

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07/04/2016
Economic Publications

Country Risk Barometer Q2 2016 - China and the United States, two giants with feet of clay

The global economy remains stuck in a "Japanese-style" trap of sluggish growth, despite ever more expansionary monetary policies

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07/04/2016
Economic Publications

Country risk assessment map - 2nd quarter 2016

Coface helps you to assess business risks in 160 countries - Download our worldwide country risk assessment map.

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06/23/2016
Economic Publications

Business insolvencies in northern europe: slower decrease in 2016

Bankruptcies drastically decreased in almost all countries in the region during the course of last year - especially in the four Northern Europe Region (NER) countries we focus on in this panorama, namely Germany, the Netherlands, Sweden and Denmark.

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06/13/2016
Economic Publications

Asia Corporate payment survey

Coface conducts an annual survey to examine corporate payment trends and experiences in 8 selected economies in the Asia Pacific region.

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06/02/2016
Economic Publications

Company insolvencies in France: Is the recovery finally under way?

Is the recovery finally under way? That is the question being asked after a start to 2016 marked by a series of positive indicators for the French economy. But after several false starts (...)

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05/25/2016
Economic Publications

Brazil: a country in deep recession looks tentatively towards the first steps of the new government.

Brazil entered into a technical recession in the second quarter of 2015. Its economy contracted by 3.8 % in 2015 (...)

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05/17/2016
Economic Publications

Overview of Hungary: Corporates on the starting block for sustainable growth?

Hungary is performing well, considering the context of struggling economies globally.

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05/12/2016
Economic Publications

Barometer of sector risks

For the first time, Coface updates its global quarterly sector risk assessments for 12 sectors, in 6 regions worldwide (compared to 3 regions previously).

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04/15/2016
Economic Publications

Steel sector: produce at all costs?

Steel producers’ solvency weaker than ever. There is no improvement in sight before 2018.

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04/07/2016
Economic Publications

Companies in emerging countries: Can we once again believe in the Phoenix miracle?

Halved growth between 2010 and 2015, sharply increasing debt, increased exposure to currency risk, growing scarcity and increased cost of credit, falling export revenues (...)

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04/01/2016
Economic Publications

Country Risk Barometer Q1 2016

Sluggish growth, absence of inflationary pressures, ever more expansionary monetary policies and increased volatility in financial markets; these are four elements characterising the global economy in early 2016 (...)

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04/01/2016
Economic Publications

Country risk assessment Map - 1st Quarter 2016

160 countries under the magnifying glass - Download our worldwide country risk assessment map.

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03/25/2016
Economic Publications

China Corporate payment survey

Since 2003, Coface has been conducting annual surveys on business payment experience in China. In 2015, the average credit termes offered by China-based firms decreased again, reflecting a more prudent approach to granting credit facilities to customers. the overall payment experience in China deteriorated and remained very challenging in 2015.

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03/04/2016
Economic Publications

The German economy: safe inside, riskier outside

The German economy has changed its growth model during recent years. While internal demand (especially private consumption) – was sluggish and weak throughout most of the 2000s, it is currently the (...)

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02/25/2016
Economic Publications

China´s role in Latin America is much more than a trade issue

During the China-Celac Forum, held at the beginning of last year, China announced its intention to increase its investment stock in Latin America to (...)

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02/23/2016
Economic Publications

Company insolvencies in France: Heading towards a third consecutive year of decline

In France, the number of company insolvencies fell for the second consecutive year in 2015, (-2.1%)

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01/26/2016
Economic Publications

Country Risk Barometer Key challenges of 2016

After US households in 2007-2008 and Eurozone states in 2011-2012, emerging countries are now getting their turn at the epicentre of the storm, in part because of (...)

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12/23/2015
Economic Publications

Panorama - Lower Lira and Higher Debt: A Bad Mix for Turkish Business

During 2015, Turkey’s economy faced several challenges. On the political scene, the country went through two elections in 2015, bring to four the number of elections over the last two years. After talks to form a coalition government fell through following the June 7 general election, the country returned to the polls on November 1.

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12/22/2015
Economic Publications

Poland Retail Sector – Household spending is supporting the economy but challenges remain

Retail trade benefits from good prospects of consumer demand which, however, will not eliminate challenges for the sector including an intense competition and the implementation of new levy for retailers. Foreign chains will remain dominant taking an advantage of their large-scale bargaining position and offering the most attractive prices for consumers even despite being charged by the new tax.

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12/17/2015
Economic Publications

Panorama - In Front of the Globalization of the Wine Market, Europe Bends But Does Not Break

European wine consumption has fallen over these past years, like that of France, which is a third of what it was 50 years ago. On the other hand, wine consumption has increased in the rest of the world, driven by the households of the two leading global economies—the United States and China.

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12/17/2015
Economic Publications

Barometer sector risks in the world - December 2015

In a context of low worldwide growth, sectoral dynamics are mixed.

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11/30/2015
Economic Publications

France overview third quarter 2015

Tenuous but confirmed. These are the terms that best describe France’s current growth - as illustrated by the figures for the third quarter, published in early November. Household consumption has (...)

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11/30/2015
Economic Publications

Panorama - Construction: The Achilles' Heel of the French Economy

Following a long period of stagnation, construction sector in Europe shows signs of recovery.

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11/06/2015
Economic Publications

Brazil - No quick fix for the crisis

Brazil has grown over the last decade, as a result of the boom in commodity prices and strong household consumption (...)

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10/27/2015
Economic Publications

A brighter picture for European photovoltaic energy?

European photovoltaic (PV) energy developed rapidly starting in 2010, thanks to national and European subsidies promoting its establishment in the energy landscape. But the increase in production capacity rapidly pushed down prices in a context of increased competition from China and a downturn in European business conditions.

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10/22/2015
Economic Publications

Barometer sector risks in the world - October 2015

In a context of low growth, the global sectoral dynamics are mixed. In this overview we analyse five major sectors: automotive, energy, metals, information and communication technologies (ICT) and paper-wood, in North America, emerging Asia and in Western Europe.

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10/19/2015
Economic Publications

Poland – solid economic growth results in a sustainable decrease of company insolvencies

The increased economic activity in Poland already reached levels required to stabilise the number of company insolvencies.

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10/12/2015
Economic Publications

Asia challenged by China’s slowdown

The Chinese economy has been in the spotlight for several months: devaluation of the yuan, stock market collapse, falling property prices, fears of an excessive economic slowdown, doubts about the reliability of published data and, more generallyspeaking, uncertainties about the rebalancing process the authorities have launched. In this anxiety-provoking environment, other Asian countries seem to be the first potential victims in the event of a hard landing for the Chinese economy.

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10/01/2015
Economic Publications

Latin America - Activity in the region still decelerating

Growth in Latin America has been slowing down since 2011, and was estimated at 1.2 % in 2014 . This lacklustre result, caused by (...)

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09/29/2015
Economic Publications

Gulf countries: various reactions to the same shock

What are the impacts of lower oil prices on the gulf countries economy. Focus on Saudi Arabia, the UAE and Bahrain. What are the diversification strategies and the region’s integration with international trade. Focuses on the food and beverage sector in the UAE and automotive sector in Saudi Arabia.

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09/25/2015
Economic Publications

Country Essentials 2015

A concise overview of country economic facts, clearly structured and brand new: Country Essentials from Coface

Download your reports for free!

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09/23/2015
Economic Publications

Country Risk Barometer Q3 2015

For the fourth consecutive year, global growth will fail to exceed 3%. At the beginning of the year however, this target did not appear unattainable.

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09/15/2015
Economic Publications

Company insolvencies in Western Europe: slight lull being confirmed for 2015

In this first overview of company insolvencies in Europe, Coface examines the following question: Was the return to growth observed in Europe strong enough to bring about a lasting reduction in business failures? For 10 out of the 12 Western European countries studied, the answer is «yes».

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08/21/2015
Economic Publications

Coface CEE Top 500 Companies

The year 2014 was finally one without a major disaster. After years of recession and ongoing difficulties, the development was positive. There is finally an improvement – not as strong as economists hoped for, but stable. Global growth in 2014 was a modest 3.4%, reflecting a pickup in growth in advanced economies relative to the previous year and a slowdown in emerging market and developing economies. The Eurozone – the most important trading partner for most countries in CEE – increased by 0.8%.
The positive economic development was reflected in declining unemployment rates in the region. This was mirrored by the Top 500 players as well as they increased their staff by 1.7%. Overall 4.2% of the total labour force in the region is employed by the companies of the CEE Top 500.

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08/21/2015
Economic Publications

Coface Adriatic/Balkan Top 50

The Adriatic/Balkan region is very diversified. It consists of many small economies which are supporters of the European Union community idea but have so far received various results – from the Eurozone country Slovenia through the two year-old EU member Croatia to other countries with their separately defined process of the EU integration.
The fourth edition of the Coface Adriatic/Balkan Top 50 ranking sees some changes compared to previous editions. After many years in second place, Slovenian Petrol finally got into the lead - thanks to an increase in turnover +1.4% to EUR 3.3 billion and a weak performance of last year’s winner Croatian Ina D.D. (EUR 3.2 billion, -5.4%). In third place again is Serbian Naftna (EUR 2.0 billion, -1.9%).

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08/13/2015
Economic Publications

Coface Baltic Top 50

Coface is publishing its third edition of the Baltic Top 50. In 2014, the largest companies had to deal with a slump in total turnover (-5.4%) compared to a modest rise by 2% in last year’s ranking. If you take a closer look, you see a differentiated picture.

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07/22/2015
Economic Publications

Automotive Sector Central Europe

The automotive sector plays an important role in the CEE’s economic activity. Thanks to low labour costs, the educated workforce, geographical proximity to Western European markets, tax incentives and the stabilising legal environment, CEE countries have become attractive destinations for investment by global car manufacturers.

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07/19/2015
Economic Publications

Country risk assessment map - 2nd quarter 2015

Download our country risk map. 160 countries assessed with a unique methodology: Macroeconomic expertise, Business environment and Microeconomic data collected over 70 years of payment experience.

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06/25/2015
Economic Publications

Global Country Risk Outlook June 2015

In this panorama, we first set out a study examining the economic situation and outlook for Sub-Saharan Africa. We are also publishing our quarterly barometer of worldwide trends in country risk.

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06/08/2015
Economic Publications

End of european milk quotas: a new era for the french dairy sector

Since the introduction of milk quotas in 1984, until their effective ending in 2015, milk production has undergone many reforms.

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06/01/2015
Economic Publications

INSOLVENCIES IN CENTRAL AND EASTERN EUROPE

2014 brought better conditions for the business activities of companies in the CEE, thanks to a rebound in domestic demand (especially household consumption in most CEE economies), as well as improved Eurozone prospects. These improvements were also confirmed on the microeconomic side. The CEE’s regional average for company insolvencies dropped by 0.5%, although insolvency dynamics vary between CEE economies. A strong rise in insolvencies was recorded in Slovenia and Hungary, whereas Serbia and Romania enjoyed a much lower number of bankruptcies than in the previous year. These fluctuations in insolvencies are determined not only by different economic conditions in particular countries, but also by their differing insolvency law regulations.

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05/06/2015
Economic Publications

Panorama: What we see in the Asia Pacific region

Coface conducts an annual survey to examine corporate payment trends and experiences in the Asia-Pacific region. In 2014, the survey was conducted in 8 economies – Australia, China, Hong Kong, India, Japan, Singapore and Taiwan, as well as, for the first time, Thailand. The study revealed some key indicators that showed signs of a (...)

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04/20/2015
Economic Publications

Barometer Sector Risks In The World

The changes in our sector assessments reflect the development of the world economy since the end of 2014, marked by the appreciation of the dollar against other currencies, the oil price collapse and gradual recovery in the Eurozone. These trends have had repercussions on most of the sectors we track.

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04/08/2015
Economic Publications

Panorama Overview of Czech Republic

The Czech Republic is back on fast track. After falling into recession in 2012 and 2013 due to sharp fiscal consolidation and sovereign debt crisis in the Eurozone, the economy regained momentum reaching solid growth rate of 2.0% in 2014 and should gain speed with 2.5% growth in 2015.

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03/30/2015
Economic Publications

Panorama Global Country Risk Outlook

In this panorama we first set out a study examining how the advanced economies are facing up to the challenge of weak economic growth since the Lehman Brothers collapse, that is for the past seven years now! Some observers are even talking of "secular stagnation". But, in our view, not all the advanced economies are facing the same challenges regarding this risk of longterm stagnation. We believe that (...)

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03/24/2015
Economic Publications

Panorama China Payment Survey

Coface conducts an annual survey of payment experience in China. With 80% of the survey respond-ents shared overdue experience and 56.7% of them saw an increase in overdue amount over the past year, the overall payment experience in China remained very challenging in 2014 (...)

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03/20/2015
Economic Publications

Company insolvency trends in Brazil

Ongoing economic scenario in Brazil remains sensitive, Coface expects GDP to break even in 2014 and activity should contract by 0.5% in 2015. Industry dropped by 3.2% in 2014 and will probably record another negative year in 2015. The year has just started, but it may reserve some negative surprises.

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02/10/2015
Economic Publications

Middle East and North Africa Panorama: What progress after the arab spring?

How do the Middle East and North Africa (MENA) economies perform after the social and political turmoil caused by the so-called "Arab Spring" late in 2010? Have social and economic demands of protesters resulted in a healthier economic outlook in these countries?

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01/19/2015
Economic Publications

Panorama LATAM : Growth picking up at countries of Pacific

Over the years Latam has begun to be associated with economic growth, new middle class, poverty reduction and controlled inflation.

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01/19/2015
Economic Publications

Panorama Turkey: Insolvencies

Company insolvencies in Turkey: Rise in exchange rates and slowdown in domestic demand affected payment performance. Impaired profitability made payments difficult. Focus on some sector risks : Metal, Automotive, Food, Chemical, Construction, Retail, Textile & apparel.

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12/09/2014
Economic Publications

Panorama Poland insolvencies

Poland is a headline example of the country that didn’t record recession in recent years. However, in micro terms companies insolvencies have been on...

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12/09/2014
Economic Publications

Panorama Poland insolvencies

Poland is a headline example of the country that didn’t record recession in recent years. However, in micro terms companies insolvencies have been on...

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12/04/2014
Economic Publications

Sector Panorama

Coface reviews 14 sectors North America, Emerging Asia and Europe.

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11/20/2014
Economic Publications

Panorama sector, European pharmaceutical companies : is austerity fatal ?

This end of year panorama starts with the risk assessment of 14 sectors in the three regions we monitor. North America is witnessing major evolutions. Our assessments in this region are improving for chemicals, transportation and textile-clothing. These three sectors are benefiting from the good shape of the American economy and from the fall in oil prices

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11/05/2014
Economic Publications

China: Carrot-and-stick

Since the beginning of the year, the Chinese government has continued its effort to carry out various items on the reform agenda, particularly on fine-tuning the structure of the Chinese economy. While various aspects of reform are underway, growth is by no means forgotten. With plenty of signs showing lackluster growth momentum in this year, it is believed that the government is likely to introduce stronger stimulus to sustain economic growth. More specifically, the continuation of targeted-stimuli is expected.

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11/05/2014
Economic Publications

China: Carrot-and-stick

Since the beginning of the year, the Chinese government has continued its effort to carry out various items on the reform agenda, particularly on fine-tuning the structure of the Chinese economy. While various aspects of reform are underway, growth is by no means forgotten. With plenty of signs showing lackluster growth momentum in this year, it is believed that the government is likely to introduce stronger stimulus to sustain economic growth. More specifically, the continuation of targeted-stimuli is expected.

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10/30/2014
Economic Publications

Panorama Country Risk - World Trade: a Sluggish Spell?

Panorama Country Risk - World Trade: a Sluggish Spell?

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10/30/2014
Economic Publications

Panorama Country Risk - World Trade: a Sluggish Spell?

Panorama Country Risk - World Trade: a Sluggish Spell?

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10/27/2014
Economic Publications

Panorama Country : United Arab Emirates

UAE Panorama

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10/14/2014
Economic Publications

European airlines: forced to change

«European carriers have been hit by aggressive competition from Middle East and Asia and, they are among the least profitable in the world»

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10/06/2014
Economic Publications

Coface CEE Top 500 Ranking 2014

The CEE Top 500 lists the largest companies in the region in terms of turnover. The flagships in CEE increased their turnover by 0.2% in 2014.

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09/01/2014
Economic Publications

Panorama Romania

Romania: Will economic growth come back to strong performance?

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08/08/2014
Economic Publications

Panorama Country - Turkey: What to expect in 2014?

If the tensions rise again as it happened in December and January, this may harm investors’ confidence and result in a fluctuation in forex markets. Such a situation would have a negative impact on the corporate sector’s external debt stock which is already at record high level.

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07/29/2014
Economic Publications

Coface Baltic Top 50 2014

Coface is publishing its second edition of the Baltic Top 50. Figures for 2013 show the continuing recovery of the Baltic states. The total turnover of the top players in the North increased by 2.2% to EUR 36.2 billion. Whereas net profits fell from 2011 to 2012, companies have now reported a sharp rise of 54.6%.

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07/24/2014
Economic Publications

Coface Adriatic/Balkan Top 50 2014

Coface publishes its 3rd edition of the Adriatic/Balkan Top 50. The economic problems of the region in the last few years have taken their toll on the top players: Total turnover declined by 1.2% to EUR 39 billion, and profits decreased dramatically by almost 16% to EUR 702 million.

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07/16/2014
Economic Publications

Panorama Country: Brazil

From 2004 to 2008 Brazil had grown, on average, by 4,8% a year, but in the former period, from 2009 to 2013, the average rate declined to 2,7%. The country did not take advantage of the good winds to make important reforms, such as improving the infrastructure and the business climate...

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06/25/2014
Economic Publications

Panorama Country - Turkey: What to expect in 2014?

If the tensions rise again as it happened in December and January, this may harm investors’ confidence and result in a fluctuation in forex markets. Such a situation would have a negative impact on the corporate sector’s external debt stock which is already at record high level.

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06/25/2014
Economic Publications

Panorama Country Risk, the British recovery: miracle or mirage

Thanks to vigorous growth since the second quarter of 2012, we anticipate the UK economy to get back to its pre-crisis level in the third quarter of 2014.

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06/16/2014
Economic Publications

Country Insolvencies

This panorama shows, through our barometer, new trends about insolvencies in France, considering the first four months of 2014.

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06/05/2014
Economic Publications

Corporate Payment Trend and Sectorial Risk in Asia Pacific

From the hawk’s-eye view, Asia’s economic growth momentum remained strong in the post-crisis era, with Coface’s forecast pointing to a 6.1% YoY growth for Emerging Asia in 2014.

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04/25/2014
Economic Publications

Electronics in Asia / Sector Barometer

Focus on the electronics industry in Emerging Asia, a region that has become in a matter of years the world’s workshop for many electronic components.

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04/10/2014
Economic Publications

Coface CEE Insolvencies 2013

This Panorama is the second issue of annual publications focused on insolvency trends in Central and Eastern European countries (CEE). It contains the results of a study on insolvencies among the CEE economies, a region experiencing a sharp rise in the rate of insolvencies in many countries during 2013.

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04/08/2014
Economic Publications

Which emerging countries will take over from the BRICS?

While the 2008-2009 global crisis had highlighted emerging market resilience, game-changing events have taken place in those emerging countries since May 2013 indeed.

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03/31/2014
Economic Publications

REALITY CHECK: CORPORATE PAYMENT TREND AND SECTORIAL RISK IN CHINA

The overall payment experience in China has deteriorated in 2013 comparing to 2012.

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02/11/2014
Economic Publications

China in 2014: stable growth with risks of financing and overcapacities. Risks remain in several sectors

A broad spectrum of exciting reform plans have been announced, and the government had a series of follow-up actions. But in the near-term, potential negative impacts on the real economy as a result of the reform effort and credit risks associated with the rising cost of fund have to be watched out for.

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12/17/2013
Economic Publications

Textiles - Upmarket positioning and innovation: Key to the success for the French and European textile industry?

You will find in it our usual barometer, which assesses the risks to which companies in fourteen key industrial sectors in emerging Asia, North America and Western Europe are exposed.
We have also included an analytical focus on European textiles. This traditional industry was affected very early by globalisation, and, in particular, competition from developing countries.

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11/21/2013
Economic Publications

Insolvencies in the construction sector in France: breaking all dangers

In this Panorama, you will find the Coface barometer, which analyzes the evolution of French insolvent companies between November 2012 and October 2013.
We then publish a study on insolvencies in the French construction sector, overrepresented in insolvencies compared to it weight in the economy.

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10/13/2013
Economic Publications

Should we stake everything on the Asian consumer?

This panorama contains a study on household consumption in Asia. How big is the rise in household consumption in this region? Have Asian households taken on too much debt? What are the specific consumer behaviour patterns in Asia? Which sectors are benefitting most from this expansion of consumption?

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09/26/2013
Economic Publications

Carmakers : Europe refocusing on emerging markets

This Panorama includes our global sector barometer, which analyses the situation in fourteen key economic sectors in three of the world‘s major regions (European Union, North America and Emerging Asia) through a single credit risk indicator. In Europe, sector risks continue to deteriorate, especially in chemicals due to the remaining difficulties in the European industry, and also in the pharmaceutical branch due to the fiscal tightening measures taken by the governments.

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09/24/2013
Economic Publications

Coface CEE Top 500 Ranking 2013

The CEE Top 500 lists the 500 biggest companies in the region in terms of turnover. The flagships in CEE increased their turnover by 5% in 2012.

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07/01/2013
Economic Publications

Country Essentials 2013

A concise overview of country economic facts, clearly structured and brand new: Country Essentials from Coface

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06/20/2013
Economic Publications

What has happened to the Italian business model?

This panorama contains a study of the Italian economy, which analyses and interrogates both macro- and microeconomic issues. We also present the latest adjustments to our country assessment.

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06/04/2013
Economic Publications

Central European companies in crisis: why?

This new Panorama contains the results of our Company Insolvency Monitor from April 2012 to April 2013 and the results of a study on insolvencies among Eastern European countries, a region experiencing a sharp rise in insolvencies rate.

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04/18/2013
Economic Publications

Focus e-commerce / distribution

Coface releases a series of economic reports and is pleased to announce the publication of its second Panorama sector report. Readers will find in it a global sector barometer which analyses the situation in fourteen key economic sectors. The originality of the analysis is that it is based on aggregating the accounts of 6,000 companies in three of the world’s major regions: the European Union, North America and Emerging Asia.

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03/20/2013
Economic Publications

Transformation of emerging country risk

In this Panorama, Coface highlights the radical transformation of risks in emerging countries. While traditional country risk (sovereign risk, external vulnerability) has appreciably declined, three new risks are appearing and need to be monitored.

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02/07/2013
Economic Publications

2013 Coface Country Risk Conference

The 17th Country Risk Conference held by Coface on 22 January 2013 has confirmed the complexity of a situation where, more than ever, the world seems to be «split in two»: advanced versus emerging countries.

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12/10/2012
Economic Publications

Switzerland: economy is bending

Investors have made it one of their favourite havens during this period of recurrent crises, from global finance to sovereign debt in the eurozone. Proverbial political stability, sound management of public finances, a complex but attractive tax system, many very innovative small businesses and a flexible labour market. Not forgetting, of course, a renowned financial market, making it a major player on the international scene in wealth management activities. These are strengths which sometimes turn into weaknesses.

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12/03/2012
Economic Publications

Focus: The world’s steel

The "Panorama Sectors", a new quarterly publication of Coface, focuses on the sector risks in the world.

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10/18/2012
Economic Publications

India: Economic slowdown

The Indian economic engine is sputtering but continues to run: it suffers from persistent bottlenecks that the country and its companies have to contend in order to grow.

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10/18/2012
Economic Publications

United States: SMEs the backbone of the economy?

When public sector job creation runs out of steam, eyes turn to the private sector, which alone seems able to offer a solid basis for recovery in the months to come through investment and the hiring of workers.

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10/15/2012
Economic Publications

Updates and growth forecasts

The global economic slowdown is confirmed this fall, in line with the recession in the eurozone and the emerging market deceleration.

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10/11/2012
Economic Publications

Why are there less companies insolvencies in Germany?

Although the overall number of insolvencies continues to decline (-1.8% between September 2011 and August 2012), the summer of 2012 confirms the trend that began last Spring with an important growth in their cost (+17%) and a correlative increase in unemployment (+3.3%). The barometer presented in this panorama analyses this development, principally caused by the difficulties of larger French companies. A list is also given of the riskier sectors, those where risks are deteriorating and those which have been relatively spared.

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08/09/2012
Economic Publications

Feature: United States / Focus on Asia

The United States remains the planet’s leading economic power. As evidence, one need only consider the simple fact that the US consumer accounts for 70% of the US economy and 18% of global GDP. The economic spotlights are therefore focused for very good reasons on rising petrol prices, falling housing prices, unemployment and unequal profit distribution, all of which undermine household confidence. The outcome of the political debate between the Republicans and Democrats over the US budget and national debt as well as the Fed’s orientation and monetary policy as from July are therefore also under close scrutiny.

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07/05/2012
Economic Publications

Country risk overview - Summer 2012

In Southern Europe, the recession is deepening, particularly in Spain, Italy and Cyprus. Coface is forecasting a recession rate of 2%, 1.8% and 1.3% in these countries respectively in 2012. Another source of concern is the eurozone sovereign debt crisis, which is now affecting growth in emerging countries, where Coface has noted a slowdown in activity.

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06/04/2012
Economic Publications

Morocco: 2012, a challenge year

The «Arab Spring» was rather mild in Morocco, compared with what is still going on in other countries in the region. This results from the role of the king, the Commander of the faithful, but also from the fact that leaders in Morocco have attempted to anticipate the rise of unrest and discontent.
Today, the country has a true asset with its manageable external indebtedness and its solid and dynamic banking sector.However, despite true economic and social progress, and despite the benefits that it derives from phosphates, tourism and better infrastructures, Morocco remains a rural, poor and insufficiently diversified country.

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04/05/2012
Economic Publications

Country Risk Overview - Spring 2012

Greece quitting the eurozone would be disastrous. But this long unthinkable scenario cannot be discounted. Even though its likelihood remains below 50%, policymakers cannot afford to sweep it under the rug considering the severity of the Greek financial and economic crisis and the difficulty of implementing unavoidable reforms. This article draws lessons from the financial crises in Russia (1998) and Argentina (2001/2002) in exploring the likely advantages and disadvantages for Greece of withdrawing from the eurozone. What then would be the risk of propagation to the peripheral countries and the consequences for the eurozone as a whole?

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03/08/2012
Economic Publications

Main lessons drawn from the Coface Country Risk Conference 2012 in Paris

Like at the beginning of each year, Coface organized its 16th conference in Paris on 16 January 2012, which has become the flagship event in the field of country risk, one of its main areas of expertise. An exercise, particularly challenging for 2012.

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11/10/2011
Economic Publications

Special report: Italy / Credit insurance

Italy’s economy – the third-largest in the euro zone – is well diversified. Yet the country is currently at the centre of the debt crisis plaguing the single currency zone. Of course, many of the economy’s fundamentals appear sound. The budget deficit did not deteriorate significantly during the crisis, the growth in industrial added-value and a niche strategy help to limit the trade deficit, and household indebtedness is relatively low. But the deterioration in the country’s economic growth potential due to structural weaknesses and the crushing weight of the public-sector debt in a very uncertain international environment are all cause for concern. Given the vast size of this debt and the fact that it is widely held by the European banking sectors, a default by the Italian government would have incalculable consequences on the euro zone’s future. However, the recent formation of a government of experts led by Mario Monti, an economist and former European Commissioner, provides some reassurance of rigour which is a step in the right direction.

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11/03/2011
Economic Publications

Agrofood industry

After their surge in 2007/2008, prices for farm raw materials began to soar again in June 2010, affecting foodstuff prices worldwide with particularly sharp increases in emerging countries. No other asset class registered jumps in prices as spectacular as those recorded by some farm raw materials with grain prices skyrocketing 36% year-on-year through August. Sugar prices also soared, up 50%. Prices for meat (beef, mutton, chicken) and dairy products rose over 15%. The price increase for rice was more modest with that commodity not traded on the futures market and only a small fraction of its production traded internationally.

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10/06/2011
Economic Publications

Country Risk Overview - October 2011

Disappointing growth figures for the second quarter of 2011, political tensions in the United States this summer around the question of the debt ceiling and the loss of its triple-A rating, the never-ending sovereign debt crisis in the eurozone, the persistent lack of confidence on the financial markets, tensions on the money market and the vertiginous fall of bank share prices: So many negative signals that are likely to affect the global recovery observed since mid-2009. Global growth in 2011 will settle at 3.2%, representing a slowdown of 1.1 point of GDP compared to 2010.

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07/07/2011
Economic Publications

Country Risk Overview - July 2011

Global 2011 growth now stands at 3.3% against 3.2% in March. Growth forecasts for industrialised countries are almost unchanged at the projected 1.8%, a net slowdown compared to the 2.5% increase recorded in 2010.

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04/07/2011
Economic Publications

Country Risk Overview - April 2011

Various events that marked the first quarter 2011 prompted us to revise our world growth forecast for the year, down from 3.4% to 3.2%. And based on virtually finalized data for the fourth quarter 2010, world growth for 2010 comes to 4.2%.

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02/10/2011
Economic Publications

Main lessons from the 2011 Country Risk Conference held in Paris

Worldwide growth should be robust in 2011. But how can we analyse its driving forces and risks? Between the United States, where the recovery is hiding the weaknesses of an economic model that is overly based on debt, Europe, weakened by its heavy public debt and eroded competitiveness, and the emerging countries whose dynamism is continuing but needs to find new balances, decision-makers more than ever need reliable decryption and analyses to find their way.

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01/24/2011
Economic Publications

Global Construction: Substantial Geographic Differences, High Sensitivity to Economic conditions, Permanent Credit Risk

The global construction sector is a kaleidoscope of diversity with substantial differences between countries and even between the regions of a given country.The sensitivity to changes in economic conditions also varies widely. In general,payment incidents involving actors in the sector are not uncommon. This surveyis intended to enable international trade actors to gain an awareness of the risksand opportunities that characterise this market.

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