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10/03/2019
Country risk and economic studies

All the News

09/24/2019
Country risk and economic studies

Netherlands: What is the secret of Dutch trade?

Rising protectionism in China and the United States, Brexit, contracting world trade... despite all the clouds on the horizon, the Dutch economy remains surprisingly bright.

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09/12/2019
Country risk and economic studies

Insolvencies in Central and Eastern European Countries (CEE): 2019

The Central and Eastern European region has seen an improvement in economic activity in recent years. In 2017 and 2018, GDP growth in the region rose to 4.6% and 4.3%, respectively, the highest rates since 2008.
This acceleration in the CEE economy was mainly due to the increase in domestic demand, in particular thanks to the significant fall in unemployment that benefited households. At the same time, households also benefited from strong wage growth, which had a direct impact on consumption. Beyond households’ consumption, growth was supported by an increase in public and private investment.
The aforementioned period of favourable macroeconomic environment brought effects on solvency of companies in the CEE region. GDP weighted average insolvencies dropped by 4.2% in 2018, contrary to an increase of proceedings recorded a year prior.

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09/05/2019
Country risk and economic studies

Coface publishes CEE Top 500 companies

The international credit insurance company presents its eleventh annual study on the biggest 500 companies in Central and Eastern Europe – the Coface CEE Top 500. It ranks businesses by their turnover and additionally analyses further facts such as the number of employees, the framework of the companies, sectors and markets as well as the new Coface company credit assessments. The economic development of the CEE Top 500 is representative of the market trend in the entire region.

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08/06/2019
Country risk and economic studies

COFACE DELIVERS RECORD FIRST SEMESTER IN RISKIER ECONOMY

Coface delivers record first semester in riskier economy:

Net income up 25% at €78.5m, RoATE[1] at 9.6% and Partial Internal Model submitted

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08/01/2019
Country risk and economic studies

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

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

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07/10/2019
Country risk and economic studies

Asia Corporate Payment Survey 2019: Deteriorating payment trends amid trade war woes

Coface’s 2019 Asia Corporate Payment Survey covered over 3,000 companies in nine economies (Australia, China, Hong Kong, India, Japan, Malaysia, Singapore, Thailand and Taiwan). 63% of companies surveyed stated that they experienced payment delays in 2018. The length of payment delays increased to 88 days on average in 2018, compared to 84 days in 2017. The length of payment delays was highest in China, Malaysia and Singapore; as well as the energy, construction and ICT sectors.

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06/26/2019
Country risk and economic studies

Natural gas: an oscillation between boom and gloom

The natural gas market is booming and will increase in the medium term, but many factors point to a less promising future.

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06/19/2019
Country risk and economic studies

Morocco: payment delays are improving but remain too long

Coface's fourth survey on payment terms in Morocco shows a situation that remains worrying despite a slight improvement.

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06/18/2019
Country risk and economic studies

Corporate insolvencies in France: microenterprises in the trough of the wave

While the yellow vests movement did have a strong impact on corporate insolvencies at the beginning of the year, the decline in mobilization and the resilience of economic growth had a positive impact on the health of French companies in March and April.

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05/09/2019
Country risk and economic studies

In a global economic slowdown, luxury continues to outperform but faces new challenges

Counterfeiting, e-commerce, Chinese consumers importance, even if it is generally relatively spared by recessions, the luxury market must adapt to a profoundly changing economy if it does not want to lose its exceptional status.

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04/18/2019
Country risk and economic studies

The turnaround in the industrial cycle hits companies in the chemicals sector in Europe and North America

Signs of a slowing global economy continue to accumulate
2019 - the number of insolvencies will increase in two-thirds of countries (+3% in Western Europe)
The chemical industry in Europe and North America is suffering from fewer opportunities in the automotive sector
Improvements in assessments are concentrated in the Middle East, including Saudi Arabia's upgrade (B)

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04/15/2019
Corporate news

COFACE STRENGTHENS ITS MARKET POSITION IN THE ADRIATIC REGION BY ACQUIRING SID - PKZ, THE LEADING CREDIT INSURANCE COMPANY IN SLOVENIA

Coface announces today the acquisition of SID - PKZ, the market leader in credit insurance in Slovenia with a high market share. As Coface has acquired all SID - PKZ shares, the business will operate under the new brand name Coface PKZ. The acquisition supports Coface’s strategy of profitable growth in Central & Eastern Europe region.

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04/09/2019
Country risk and economic studies

DESPITE FIVE YEARS OF MODINOMICS, INDIA CONTINUES TO BE CONSTRAINED BY ECONOMIC FRAGILITIES

When Narendra Modi ran for Prime Minister in 2014, he pledged to boost the competitiveness of India’s industrial sector to promote growth. Modi will be running for president again in India’s general elections between 11 April and 19 May. The economy is in a better position than it was in 2014, but many of the structural fragilities that Modi inherited continue to afflict India today and a mixed track record in terms of economic reforms has dampened enthusiasm for Modi.

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04/02/2019
Country risk and economic studies

COFACE LAUNCHES CREDIT-INSURANCE OFFER IN GREECE

Local companies set to benefit from Coface’s expertise in risk prevention and payment protection.

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04/02/2019
Country risk and economic studies

MEXICO AND BRAZIL TAKING OPPOSITE DIRECTIONS IN TERMS OF ENERGY POLICIES

• 2019 will be marked by high volatility in the global oil market
• Brent crude oil price to average USD 65 in 2019, according to Coface estimates
• In Mexico, the financial stress already faced by Pemex might not be contained
• Brazil oil policy is expected to have positive knock-on effect in the medium term

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03/22/2019
Country risk and economic studies

CHINA PAYMENT SURVEY 2019: LONGER DELAYS AS GROWTH FALTERS

2018 proved to be a relatively challenging year for China. Growth slowed to 6.6% and is expected to decline further in 2019 (6.2%, according to Coface forecasts). As a result, 59% of the 1500 Chinese companies that participated in Coface’s survey believe the economy will not improve in 2019, the worst since 2003. The situation relating to payment delays also deteriorated. 62% of companies in China experienced payment delays in 2018, with 40% of respondents reporting that they recorded an increase in payment delays, much higher than the 29% registered in 2017.

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03/15/2019
Country risk and economic studies

POLAND PAYMENT SURVEY 2019: 99% OF COMPANIES EXPERIENCE PAYMENT DELAYS

In 2018, Poland reached a peak in economic recovery with a GDP growth of 5.1%, the highest level of economic expansion since 2011.Despite this positive macroeconomic environment, payment delays appear to be standard practice on the Polish market. Nearly 99% of the Polish companies surveyed by Coface experience payment delays. Only one out of 100 companies reports receiving payments on time.

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02/26/2019
Country risk and economic studies

TURKISH ECONOMY: DOMESTIC DEMAND STILL WANING BUT EXPORTS FUELLED BY THE LIRA’S DEPRECIATION

• Stagflation becoming a reality, exports are a key-source of revenues for economy, especially in the automotive sector
• Exporters are flexible; government support is vital for exporters to gain new market shares

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02/11/2019
Country risk and economic studies

FY-2018 RESULTS: NET INCOME UP 47% AT €122.3M AND PAY-OUT OF 100% OF NET INCOME

Turnover: €1,385m, up 4.6% at constant scope and FX
Net loss ratio at 45.1%, an improvement of 6.2ppts; annual net combined ratio at 79.6%
Net income (group share) of €122.3m; of which €24.1m in Q4-2018. Annualised RoATE[2] at 7.7%
Solvency ratio estimated to have risen to ~169%[3], above target range (140%-160%)
Coface continues to actively manage its capital base

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02/05/2019
Country risk and economic studies

Coface Country Risk Conference 2019 in Paris

Two pitfalls for businesses in 2019: the economic downturn and political risks.
Coface will be sharing its vision of the major trends in the world economy in 2019 with businesses at its annual conference on country and sectoral risks.

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