News & Publications

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02/07/2018
Economic Publications

All Coface Publications

01/17/2018
Economic Publications

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

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

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01/04/2018
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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08/17/2017
Corporate Publications

FOCUS: GCC region banks situation

GCC banks urged to fine-tune liquidity management in order to address new economic cycle - Coface Economic Report

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07/27/2017
Economic Publications

Coface Survey: Asia Corporate Payment Survey 2016

Coface’s latest annual payment survey covered 2,795 corporates in the Asia Pacific region, focusing on 8 markets: Australia, China, Hong Kong, India, Japan, Singapore, Taiwan and Thailand. The survey also traced the evolution of corporate payments in 11 sectors.

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07/18/2017
Economic Publications

Country and sector risk Barometer Q2 2017

The second quarter of 2017 marked a new start for Europe, Russia and, on the sector side, for the automobile and agrofood industries in several countries. In order to give companies a more complete picture of the risks worldwide, Coface is now publishing quarterly assessments of 12 sectors in 24 countries representing almost 85% of the world's GDP, as well as 160 country risk assessments.

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07/11/2017
Economic Publications

Panorama Brexit: Despite several shocks, the United Kingdom will remain attractive for businesses

Despite the UK economy's resilience, a wait-and-see attitude will develop among businesses and intensify during the negotiations phase.
One year on from the vote to leave the EU, UK businesses are showing resilience, bolstered by household consumption (up 2.6% in 2016), favourable credit conditions and strong worldwide demand. In the last quarter of 2016, companies’ profits totalled over 105 billion pounds sterling - an all-time high. Confidence rose significantly, especially amongst SMEs, after an initial fall in the aftermath of the referendum. Sterling's sharp drop, which is the most visible sign of the looming Brexit, explains the strength of exports, even if the benefits of price competitiveness remain slight.

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07/06/2017
Economic Publications

Coface Survey: Corporate payments in China

A survey on corporate credit risk management, to which 1,017 Chinese companies responded, reveals that corporate payments improved in 2016, with only 68% of the respondent companies experiencing overdue payments in 2016 (compared to the previous 5-year average of 80%) and fewer respondents reporting an increase in overdue amounts. Nevertheless, the situation surrounding ultra-long overdues gives cause for alarm, as 35.7% of those companies concerned had ultra-long overdue amounts (over 180 days) which exceeded 2% of their annual turnover.

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06/21/2017
Corporate Publications

FOCUS: Russia is emerging from recession, but the structural constraints risk impeding its mid-term growth

The diversification of the Russian economy, made necessary by a slump in oil prices that is set to last, is coming up against structural constraints that may well have a deleterious effect on its mid-term growth. Certain sectors (agrifood, chemicals, automotive, etc.) do, however, seem to be benefiting from an upturn in business that will contribute to recovery in 2017.

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05/30/2017
Economic Publications

Panorama: Labour shortages in the Central and Eastern Europe region

Developments in Central and Eastern Europe (CEE) labour markets have been beneficial for households. Rising wages and low inflation, combined with improving consumer confidence, have led to lower unemployment rates and an increase in private consumption. However, the upturn on the labour market is such that companies are increasingly facing difficulties in recruiting, especially qualified personnel. Manpower shortages and the consequential rise in labour costs are concerns for businesses.

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05/30/2017
Economic Publications

Labour market in the Central and Eastern Europe region

Developments in Central and Eastern Europe (CEE) labour markets have been beneficial for households. Rising wages and low inflation, combined with improving consumer confidence, have led to lower unemployment rates and an increase in private consumption. However, the upturn on the labour market is such that companies are increasingly facing difficulties in recruiting, especially qualified personnel. Manpower shortages and the consequential rise in labour costs are concerns for businesses.

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05/04/2017
Economic Publications

New Coface Political Risk Index in 159 countries

The widespread rise in the political risk conceals mixed regional dynamics. A complete global index to quantify political risks rooted in the current state of affairs.
Following the political risk index specific for Western Europe (2016) and emerging countries (2013), Coface launches a global index for 159 countries. Combination of two major components - the security risks (conflict and terrorism) and the political and social risks - allows a complete ranking of the political risk.

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04/05/2017
Corporate Publications

FOCUS: 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. The country’s recently announced monetary policy stance of being “prudent and neutral” (which was reiterated during the National People’s Congress) is now an additional focus of attention.

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02/16/2017
Economic Publications

Panorama Brazil: First Brazilian Corporate Payment Survey 2016

Coface’s first Brazil payment survey, which was conducted with over 120 companies, reveals that they are still facing a challenging environment. 2017 has just begun, but the year’s GDP forecast is already lackluster. Although activity is expected to leave recession, growth is expected to achieve a meager 0.4 %.

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02/02/2017
Economic Publications

Insolvencies in Romania 2017

The number of insolvencies decreased by 21% in 2016 compared to 2015, from 10,174 to 8,053 and with 54% compared to the average of the last 10 years. 2016 is the first year when the decrease frequency of the insolvencies phenomenon (their number) is accompanied by an decrease of its severity, according to the latest Coface study.

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01/19/2017
Economic Publications

Panorama Poland: 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. Coface’s survey reveals that nearly a quarter of Polish companies are faced with overdues that exceed due dates by at least three months. In general, outstanding receivables should start to decline - but not markedly so in all sectors.

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01/10/2017
Economic Publications

Panorama South Africa: the evolution of economy challenged by crises in agriculture and mining

• Since peaking in 2011, South Africa’s growth performance has been in constant decline
• Financial and retail services are resilient but domestic economics have suffered from prolonged crises in agriculture and mining
• Increasing risks for some strategic sectors, such as automotive and agrofood, could affect national macro-economics
• On the positive side, South Africa benefits from a well-diversified economy
• The country remains the second-largest economy on the African continent and takes the leading position in terms of manufacturing output

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12/23/2016
Economic Publications

Panorama Turkey: After a series of shocks in 2015 and 2016, Turkey’s economy is coming to the end of its new “Tulip era”

• Coface forecasts that Turkey’s economy will grow by 2.5% in 2016 and 2.7% in 2017
• Government spending is expected to be one of the key growth drivers in 2017
• Currency risks and the persistent current account deficit are the main challenges
• The weakening lira is hindering the development of private consumption
• Retail sector: Risks are escalating, mainly due to slowing domestic demand, rising costs and the diminishing impact of currency weakening on the business environment

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12/20/2016
Corporate Publications

Evaluari sectoriale revizuite in 6 regiuni globale

Riscurile generate de sectoarele globale, in echilibru precar
• Tendinte mixte sectoriale la nivel mondial
• Patru sectoare retrogradate in America de Nord: retail, textile/ imbracaminte, transport si hartie / lemn
• Un sector retrogradat in Vestul Europei: agro-alimentar
• Doua retrogradari in Europa Centrala: constructii si IT&C si o imbunatatire (transporturi)
• O retrogradare in Orientul Mijlociu: IT&C

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12/16/2016
Economic Publications

Panorama Japonia: Prima sageata a Abenomics: de ce nu functioneaza?

De la lansarea Abenomics la inceputul lui 2013, Banca Japoniei (BJ) a diminuat agresiv politica monetara, cunoscuta in mod obisnuit ca „prima sageata a Abenomics”. Aceasta masura a inclus introducerea „Relaxarii monetare cantitative si calitative (RMCC)” in Aprilie 2013, modificarea „RMCC cu o rata negativa a dobanzilor” in Ianuarie 2016 si cel mai recent anunt, „Relaxare monetara cantitativa si calitativa cu control asupra curbei de randament”, in Septembrie 2016. La doar 3,5 ani de la lansare, impactul primei sageti a devenit mai putin eficace, mai ales asupra exportului si a Yenului Japonez.

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12/13/2016
Economic Publications

Panorama Mexico: More Difficult Times Ahead

• GDP is expected to grow by 1.6% in 2016 and by 1.5% in 2017
• Public debt rose to 42.3% in 2015, up from 38.3% in 2013. It is expected to reach 45% by the end of this year.
• Government presents budget cut of 240B MXN, approximately 12.9B USD and 1.2% of GDP
• Proximity to the US political situation continues to bring uncertainties

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