News and Publications

What's new

11/10/2018
Corporate Publications

All Coface Publications

04/04/2018
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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03/04/2018
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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16/03/2018
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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09/03/2018
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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06/03/2018
Corporate 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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28/02/2018
Corporate 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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23/01/2018
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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23/01/2018
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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23/01/2018
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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21/12/2017
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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14/12/2017
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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14/12/2017
Economic Publications

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

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

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01/12/2017
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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28/11/2017
Corporate 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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23/11/2017
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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08/11/2017
Corporate 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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07/11/2017
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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07/11/2017
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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18/10/2017
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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02/10/2017
Corporate 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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28/09/2017
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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27/09/2017
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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27/09/2017
Economic Publications

Infographics - Sector risk assessments - 3rd Quarter 2017

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

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27/09/2017
Economic Publications

Country risk assessment map 3rd quarter 2017

Each quarter Coface evaluates 160 countries with a unique methodology.

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11/09/2017
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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07/09/2017
Economic Publications

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

Despite some slowdown last year, average GDP growth remained at a solid level of 2.9% in Central and Eastern Europe

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07/09/2017
Economic Publications

Coface CEE TOP 500 ranking

Automotive and transport is the leading sector in the region CEE

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31/07/2017
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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20/07/2017
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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11/07/2017
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 in the (...)

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04/07/2017
Corporate 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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04/07/2017
Corporate Publications

Country risk assessment map 2nd quarter 2017

160 countries under the magnifying glass

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08/06/2017
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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02/06/2017
Economic Publications

Brexit: despite a series of shocks, British companies remain sound

Company profits at record high £105 billion but investments decreased by - 1.5% in 2016.
Impact of 15% depreciation in the exchange rate.
Exports grew by + 1.6pp in a year.

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30/05/2017
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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17/05/2017
Economic Publications

UAE payments survey: slight payment delays expected, due to slower growth

Through the initiative of Coface, a world leader in trade credit management and risk information services, a credit opinion survey across the UAE was rolled out in order to map out major shifts and prevailing trends in company payments.

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03/05/2017
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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21/04/2017
Economic Publications

Insolvencies in the construction industry in France: interest rates are key

With an average increase in corporate insolvencies of 4.2% per year, 137,520 companies went bankrupt between 2008 and 2014.

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30/03/2017
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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29/03/2017
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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28/03/2017
Economic Publications

Country risk assessment map - 1st quarter 2017

160 countries under the magnifying glass

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27/03/2017
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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15/03/2017
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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13/03/2017
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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03/02/2017
Economic Publications

Panorama : 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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24/01/2017
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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23/01/2017
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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12/01/2017
Economic Publications

Panorama Poland payment survey - Payment delays pervade polish corporates

Coface’s payment survey confirms that sales on credit are being extensively used by Polish companies. Although credit periods have become common practice, it does not mean that receivables are being paid on time.

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21/12/2016
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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20/12/2016
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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13/12/2016
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 are experiencing double-digit growth nowadays are scarce.

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13/12/2016
Economic Publications

Panorama: Company Insolvencies

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

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30/11/2016
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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29/11/2016
Economic Publications

Infographics - Sector risk assessments - 4th Quarter 2016

12 major sectors assessed worldwide.

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25/11/2016
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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09/11/2016
Corporate 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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09/11/2016
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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17/10/2016
Economic Publications

Rising political risks in developed countries: the sword of Damocles hangs over Europe’s major economies

Periods of economic crisis naturally lead to heightened political uncertainty and this aspect is crucial in assessing country risks.

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14/10/2016
Economic Publications

Country Risk Barometer Q3 2016

Concern again focused on oil prices, the emerging market thermometer.

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14/10/2016
Economic Publications

Country risk assessment map • 3rd quarter 2016

160 countries under the magnifying glass

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26/09/2016
Corporate 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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20/09/2016
Economic Publications

Morocco: The economy is slowing down; payment periods are getting longer

As a follow-up to the survey on Moroccan companies' payment periods published in May 2015, Coface here presents the results of the second edition.

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16/09/2016
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-de France are all likely suspects responsible for this surprise halt. However, the figures are expected to recover in Q3.

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16/09/2016
Corporate 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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09/09/2016
Economic Publications

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

The importance of the Agribusiness sector varies between the different North African economies. While on a regional level, the sector leads exports, on a country basis it differs. In Morocco, 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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05/09/2016
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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31/08/2016
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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30/08/2016
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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09/08/2016
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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18/07/2016
Economic Publications

Barometer of sector risks in the world

Coface updates its risks outlook for 12 business sectors in 6 regions every quarter. For the first time, these regional assessments are accompanied by detailed sectoral assessments for 17 countries (see appendixes page 6): United States, Japan, Germany, France, United Kingdom, Italy, Spain, China, India, Brazil, Mexico, Poland, Russia, Turkey, Saudi Arabia, UAE and South Africa.

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13/07/2016
Corporate 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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12/07/2016
Economic Publications

United Arab Emirates: a new era of slower growth

The United Arab Emirates (UAE)’ economy is of the most diversified within the Gulf region.

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30/06/2016
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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29/06/2016
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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29/06/2016
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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27/06/2016
Economic Publications

UK: What's next after the vote?

The referendum result has caused uncertainty and volatility in the markets. But also, with the lower value of Sterling, opportunities to export. However all this comes with the risk of not being paid.

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21/06/2016
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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31/05/2016
Corporate 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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30/05/2016
Corporate Publications

2015 Activity Report

Whatever their size, nationality or sector, we inform our customers about current market issues to assist them in controlling their financial risks.

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26/05/2016
Economic Publications

France Overview 1st Quarter 2016

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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18/05/2016
Corporate 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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10/05/2016
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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13/04/2016
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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13/04/2016
Economic Publications

Barometer of sector risks - April 2016

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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13/04/2016
Economic Publications

Infographics: Sector risk assessments • 1st half 2016

12 major sectors assessed worldwide.

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12/04/2016
Economic Publications

Infographics - Steel: faced with global overcapacity

Metals industries, the world's riskiest sector. Over-capacities remain. Outlook: return to normal for 2018.

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24/03/2016
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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24/03/2016
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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24/03/2016
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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16/03/2016
Economic Publications

Iran: sharp turn ahead, drive carefully

After five years of sanctions, Iran is finally to rejoin the global community. The return of Iran should have an effect on international growth through the oil channel but above all, will bring huge changes to Iran itself. International sanctions have impacted the Iranian economy.

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15/03/2016
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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03/03/2016
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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19/02/2016
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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17/02/2016
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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26/01/2016
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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23/12/2015
Economic Publications

Lower lira and higher debt: a bad mix for turkish business

During 2015, Turkey’s economy faced several challenges.

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14/12/2015
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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10/12/2015
Economic Publications

In front of the globalisation 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.

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10/12/2015
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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27/11/2015
Economic Publications

Panorama France 3rd 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 (...)

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17/11/2015
Economic Publications

Egypt: slow recovery, structural challenges

Coface estimates that growth will increase to 4.4% for 2015/2016.

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03/11/2015
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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19/10/2015
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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15/10/2015
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 (...)

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15/10/2015
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 (...)

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18/09/2015
Corporate 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 generally speaking, uncertainties about the rebalancing process the authorities have launched.

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18/09/2015
Corporate 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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17/09/2015
Corporate 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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11/09/2015
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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10/09/2015
Economic Publications

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

Was the return to growth observed in Europe strong enough to bring about a lasting reduction in business failures?

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11/08/2015
Corporate Publications

2014 Activity Report

The group’s 2014 activity report is available.

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22/07/2015
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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22/06/2015
Corporate 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.

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22/06/2015
Economic Publications

Infographics : Country risk assessments June 2015

Discover in this new infographic which country risk assessments are upgraded or downgraded by Coface.
In addition: Focus on Sub-Saharan economies - Is the risk of bad economic weather high?

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17/06/2015
Economic Publications

India: Happy Birthday Mr Prime Minister

In May 2014, following 5 weeks of legislative elections, India’s Bharatiya Janata Party (BJP) leader – Narendra Modi – became Prime Minister(...)

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05/06/2015
Economic Publications

Turkey : Challenges amid global changes

After a decade of well-implemented reforms and high growth rates, the Turkish economy seems to be struggling to maintain the same growth performance.

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01/06/2015
Corporate Publications

Central and Eastern Europe: Company Insolvencies barometer June 2015

Company insolvencies stabilized with a just minor drop by 0.5% as the regional average. Our scenario assumes that companies should experience further gradual decline of insolvencies this year facing good prospects for internal demand and more visible recovery of Eurozone as the CEE’s main trading partner.

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27/05/2015
Economic Publications

France: Insolvencies barometer April 2015

This barometer sets out the latest trends for company insolvencies for the first four months of 2015 in France. After a 2.9% fall recorded for 2014, a level not observed since 2010 (-3.8%), the first four months of the year were marked by a rebound in insolvencies.

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26/05/2015
Economic Publications

Morocco: the challenge of becoming an emerging economy

Moroccan economy remains resilient during the last world economic crisis and was able to resist to Arab springs. In an increasingly unstable International environment, Morocco remains stable.

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29/04/2015
Economic Publications

What we see in the Asia Pacific region

Coface's annual survey on the Asia-Pacific region surveyed companies in 8 economies. 70% of companies surveyed experienced overdue payments in 2014 - the highest in 3 years. The study reveals some key indicators and several risk underwriters share their 'on-the-ground' views on sector development in their respective economies.

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15/04/2015
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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15/04/2015
Economic Publications

Panorama - The US automotive sector: a risky recovery?

The automotive sector in the US, deeply impacted by the onset of the 2007 crisis, seems to be currently a part of a virtuous circle.
As the car sales are on an upward trend, some risks could derail the sector economy, though.

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15/04/2015
Economic Publications

The Mexican economy faces headwinds

Since the signature of the Pacto por Mexico in December 2012, an agreement struck by the three main political parties, the country has witnessed a variety of reforms. President Peña Nieto was efficient in securing cross-party support and big improvements, were made in 2013. The government obtained approval for a landmark energy reform, bringing to an end the 75-year old monopoly of state-owned Pemex and, by opening the oil and gas industries to private investment, freed up the labor market. It has also introduced competition in the telecoms sector. However sluggish growth was reported in 2013 and during the early part of 2014.

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27/03/2015
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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24/03/2015
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 (...)

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16/03/2015
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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10/03/2015
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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05/03/2015
Economic Publications

Panorama Latin America

Latin America is a major producer of commodities and recent drop in oil prices is impacting countries of the region in different ways. Some of them may benefit from lower international quotation, others are negatively impacted already in the short term and finally a third group could be affected in the medium term only

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21/01/2015
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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19/01/2015
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 socalled “Arab Spring” late in 2010? Have social and economic demands of protesters resulted in a healthier economic outlook in these countries? The panorama will focus on hydrocarbon sector for the GCC countries and on the textile sector for the North Africa region. It will also assess the latest trends in construction, tourism and automotive sectors across the MENA region to evaluate possible corporate risks.

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15/01/2015
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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15/12/2014
Economic Publications

Panorama: Should we be afraid of “low-flation”?

The term "deflation" seems to be on everyone's lips in Europe these days, not just on those of economists. The buzz around the term is not surprising, as Eurozone inflation has been falling for the past three years. France is no exception (...)

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12/12/2014
Economic Publications

Panorama Coface: Insolvencies barometer

The number of insolvencies at the end of October stood at 63,002 companies, a figure down by - 0.9% over the last 12 months. This is the lowest level recorded since August 2013 (...)

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06/12/2014
Economic Publications

Panorama Country Risk - The British recovery

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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20/11/2014
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.

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06/11/2014
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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28/10/2014
Economic Publications

Panorama Country Risk - World Trade: a Sluggish Spell?

This publication is the October 2014 Coface Panorama country risk, and includes a study about World trade, which is stagnating in the first halfyear 2014 and is struggling to recover nearly 6 years after the start of crisis...

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29/09/2014
Corporate Publications

Panorama United Arab Emirates: A remarkable recovery after the debt crisis but financing needs still high

How wealthy is the UAE economy after the debt crisis? Figures indicate that after contracting around 5 percent in 2009, the UAE economy recorded gradually solid growth rates. The economy is expected to grow by 5 percent in 2014, after expanding around 5.2 percent in 2013.

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26/09/2014
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...

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24/09/2014
Economic Publications

Panorama Russia: The russian economy towards glaciation?

The Ukrainian crisis has occurred in a context of significant weakening of the Russian econ-omy. In 2013, Russian growth fell to 1.3% after an average GDP progression of 4.8%between 2000 and 2011.

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22/09/2014
Economic Publications

European airlines: constraints on 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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17/09/2014
Economic Publications

Panorama Brazil Insolvencies: Activity does not take off

Activity in Brazil remains lackluster, inflation stands above the target, interest rates are among the highest in the world, confidence remains at a low level across a variety of indexes and the well-known low investment ratio continues to deteriorate. What is the impact on companies’ payment capacity?

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04/09/2014
Economic Publications

Romania: Will economic growth come back to strong performance?

After five challening years Romania’s economic performance proved that it has become one of the leaders of the European recovery and exceeded expectations with GDP growth rising by 3.5% in 2013. However, the slowldown of the growth in 2014 shows another picture.

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10/07/2014
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%. It is true that activity deceleration in China contributed, but it explains just a part of what has happened.

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25/06/2014
Economic Publications

Panorama Country - Turkey: What should we 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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06/06/2014
Corporate Publications

Activity Report 2013

The group’s 2013 activity report is available. Besides elements on 2013 performance, the report contains general information about Coface, missions, governance, businesses, offer and analysis of the world macroeconomic situation.

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23/05/2014
Economic Publications

Changes regarding SMEs in France and Spain – Insolvency Barometer in France

New barometer of companies insolvencies in France: a lull is observed from January to April 2014 with the number of insolvencies falling by 2.3%. This barometer is followed by a comparison between the situation of SMEs in France and Spain.

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06/05/2014
Economic Publications

Corporate payment trend and sectorial risk in Asia Pacific

Asia's economic growth momentum remained strong in the post-crisis era with Coface's forcast pointing to a 6.1% year on year growth for Emerging Asia.

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29/04/2014
Economic Publications

CEE Insolvencies Report: 2013- A challenging year for companies in Eastern Europe.

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 (e.g. up 39% in Bulgaria and 32% in the Czech Republic).

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28/04/2014
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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25/03/2014
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.

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10/03/2014
Economic Publications

Reality Check: Corporate Payment Trend and Sector Risk in China

The overall payment experience in China deteriorated in 2013 compared to 2012.

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23/01/2014
Economic Publications

China: What to expect in 2014

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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23/12/2013
Economic Publications

Textiles - upmarket positioning and innovation: key to the success for the French and European textile industry?

Coface presents their quarterly sector barometer, which assesses the risks to which companies in fourteen key industrial sectors in emerging Asia, North America and Western Europe are exposed.

The report also includes 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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28/11/2013
Economic Publications

Coface Insolvency Monitor: Construction sector France

In this Panorama, you will find the Coface barometer, which analyses 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 its weight in the economy.

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20/11/2013
Economic Publications

Coface Study on Central and Eastern Europe

This year’s study of the "Coface Central and Eastern Europe Top 500 companies" presents an even more heterogeneous picture of the countries in Central and Eastern Europe, each of which experienced and dealt with the impact of the crisis in the Eurozone in different ways.

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14/10/2013
Economic Publications

Should we stake everything on the Asian consumer?

This latest Panorama concludes that the growth potential in Asia remians high, driven by the middle class.

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26/09/2013
Economic Publications

Carmakers: Europe refocusing on Emerging Markets

Automotive industry in Turkey and in Russia: is it worth the risk?

In this context, international groups from the sector are turning to emerging markets, particularly Turkey, highly export-oriented with its competitive costs, and Russia, buoyed by a large and dynamic domestic market. Betting on these two very attractive markets is bold, but their potential exceeds the risks.

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01/07/2013
Economic Publications

Brazil's economy: worrying weaknesses

Brazil must address structural problems before it can return to the fast lane. This latest Panorama looks at the difficulties faced by the world’s second largest emerging economy but finds some reasons for optimism for UK exporters.

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20/06/2013
Economic Publications

What has happened to the Italian business model?

The Italian 'business model' stuck in a vicious circle. In its latest Panorama report, Coface warns of worsening company payment practices in Italy, reflecting the severity of the recession, the preponderance of fragile small companies and the sheer scale of late payment within the public sector.


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04/06/2013
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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18/04/2013
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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20/03/2013
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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03/03/2013
Corporate Publications

Activity Report 2012

Jean-Marc Pillu, CEO of Coface:
"In 2012, we combined further profitability and growth, while continuing to assist our customers".

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07/02/2013
Economic Publications

2013 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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10/12/2012
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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01/12/2012
Economic Publications

Focus: The World's Steel

Steel Sector vulnerable due to overcapacity and falling demand in China. Coface focuses on the steel sector as part of its quarterly Panorama Sector report which assesses the strengths and weaknesses of 14 important business sectors in emerging Asia, North America and the European Union.

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15/11/2012
Economic Publications

Country Risk Update - Autumn 2012

Coface country risk assessments evaluates to which extent economic, financial and political trends influence the credit risk of local companies in a given country.

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18/10/2012
Economic Publications

United States: SME's the backbone of the economy?

Small businesses are the backbone of the United States' economy and key to its recovery but political uncertainties are holding them back, according to Coface’s Panorama which focuses on the prospects for this sector.

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18/10/2012
Economic Publications

India: Economic slowdown

The India economic engine is spluttering but continues to run: it suffers from persistent bottle necks that the country and its companies have to content with in order to grow.


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10/07/2012
Economic Publications

Country Risk Update - Summer 2012

Country risk assessments review - the crisis worsens in Southern Europe and the Indian model begins to show signs of struggle.


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04/06/2012
Economic Publications

Morocco: 2012 a challenging year

Promise in Morocco for UK exporters but business challenges remain.

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11/01/2012
Economic Publications

Why are there less company insolvencies in Germany?

Contrasting outlook for company insolvencies in Germany & France. In this latest Panorama into two of the UK’s leading export markets, Coface economists explain why the level of corporate insolvencies was 40% higher in France than in Germany during 2011 (50,485 and 30,099 respectively).

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