04/03/2019
Corporate Publications
Registration document including the Financial report.
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26/02/2019
Economic Publications
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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07/02/2019
Economic Publications
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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06/02/2019
Economic Publications
Infographics - Sector risk assessments
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06/02/2019
Economic Publications
Country risk assessment map - January 2019
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20/12/2018
Economic Publications
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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14/12/2018
Economic Publications
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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20/11/2018
Economic Publications
When considering risk in the Chinese economy, a lot of the discussion has focused on large State-Owned Enterprises (SOEs), or large private conglomerates (...)
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06/11/2018
Economic Publications
Wind energy undoubtedly has a bright future, with many countries around the world eager to develop this source (...)
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25/10/2018
Economic Publications
The United Arab Emirates (UAE) has the second largest and the most diversified economy in the Gulf Cooperation Council (GCC) (...)
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11/10/2018
Economic Publications
The past quarter has been marked by a continued rise in oil prices and capital outflows from emerging markets (...)
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10/10/2018
Economic Publications
13 major sectors assessed worldwide
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10/10/2018
Economic Publications
160 countries under the magnifying glass
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01/10/2018
Economic Publications
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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25/09/2018
Economic Publications
Political risks in Asia have increased, according to Coface’s Political Risk Model (...)
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20/08/2018
Economic Publications
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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04/07/2018
Economic Publications
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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29/06/2018
Economic Publications
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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25/06/2018
Economic Publications
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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24/06/2018
Economic Publications
160 countries under the magnifying glass
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24/06/2018
Economic Publications
13 MAJOR SECTORS ASSESSED WORLDWIDE
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05/06/2018
Economic Publications
The most-widely traded base and ferrous metals have benefitted from a bull market since mid-2016 (...)
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24/05/2018
Economic Publications
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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24/05/2018
Economic Publications
This is the first corporate payment survey in Turkey aiming at indicating how payment terms stand in different sectors, how companies manage credit management practices and evaluate future payment experience (...)
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14/05/2018
Economic Publications
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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04/05/2018
Corporate Publications
Registration document including the Financial report.
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24/04/2018
Economic Publications
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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10/04/2018
Economic Publications
Integration is slowly declining in the mediterranean. Nevertheless, new trade routes have opened.
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10/04/2018
Economic Publications
160 countries under the magnifying glass
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10/04/2018
Economic Publications
13 Major sectors assessed worldwide
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10/04/2018
Economic Publications
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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09/04/2018
Economic Publications
More intra-mediterranean agreements. New bilateral trade flows are emerging
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04/04/2018
Economic Publications
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
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
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
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
Economic Publications
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
Economic Publications
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
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
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
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’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
Strength of organic companies and consumption growing faster than supply
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14/12/2017
Economic Publications
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
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
Economic Publications
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 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
Economic Publications
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
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
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
Since Mauricio Macri took office in mid-December 2015, the economy has started to recover
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02/10/2017
Economic Publications
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
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
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
12 Major sectors assessed worldwide, each quarter, by Coface.
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27/09/2017
Economic Publications
Each quarter Coface evaluates 160 countries with a unique methodology.
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11/09/2017
Economic Publications
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
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
Automotive and transport is the leading sector in the region CEE
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31/07/2017
Economic Publications
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
Oil prices declined by around 75% between mid- 2014 and January 2016 (...)
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11/07/2017
Economic Publications
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
Economic Publications
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
Economic Publications
160 countries under the magnifying glass
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08/06/2017
Economic Publications
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
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
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
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 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
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
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
Signs of a recovery in global growth are multiplying at the start of 2017.
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28/03/2017
Economic Publications
160 countries under the magnifying glass
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27/03/2017
Economic Publications
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
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
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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05/02/2017
Corporate Publications
2016, working towards the in-depth transformation of our Group. We aim to make Coface the most agile global credit insurance partner in the industry.
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03/02/2017
Economic Publications
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
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
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
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
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’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
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
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
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
12 major sectors assessed worldwide.
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25/11/2016
Economic Publications
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
Economic Publications
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
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
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
Concern again focused on oil prices, the emerging market thermometer.
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14/10/2016
Economic Publications
160 countries under the magnifying glass
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26/09/2016
Economic Publications
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
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
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
Economic Publications
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
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
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
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
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
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
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
Economic Publications
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
The United Arab Emirates (UAE)’ economy is of the most diversified within the Gulf region.
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30/06/2016
Economic Publications
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
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
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
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
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
Economic Publications
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
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
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
Economic Publications
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
Hungary is performing well, considering the context of struggling economies globally.
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13/04/2016
Economic Publications
Steel producers’ solvency weaker than ever. There is no improvement in sight before 2018.
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13/04/2016
Economic Publications
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
12 major sectors assessed worldwide.
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12/04/2016
Economic Publications
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
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
160 countries under the magnifying glass - Download our worldwide country risk assessment map.
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24/03/2016
Economic Publications
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
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
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 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
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
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
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
During 2015, Turkey’s economy faced several challenges.
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14/12/2015
Economic Publications
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
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
In a context of low worldwide growth, sectoral dynamics are mixed.
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27/11/2015
Economic Publications
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
Coface estimates that growth will increase to 4.4% for 2015/2016.
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03/11/2015
Economic Publications
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
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
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
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
Economic Publications
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
Economic Publications
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
Economic Publications
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
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
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
The group’s 2014 activity report is available.
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22/07/2015
Economic Publications
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
Economic Publications
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
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
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
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
Economic Publications
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Economic Publications
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
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
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 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
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
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
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
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
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
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
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
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
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
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
The overall payment experience in China deteriorated in 2013 compared to 2012.
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23/01/2014
Economic Publications
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
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
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
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
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
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 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
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
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
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
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
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
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
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
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
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
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
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 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
Promise in Morocco for UK exporters but business challenges remain.
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11/01/2012
Economic Publications
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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