NEWS, PUBLICATIONS & EVENTS

What's new

11/20/2017
Economic Publications

All Coface Publications

04/21/2017
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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03/30/2017
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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03/23/2017
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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03/23/2017
Economic Publications

Country risk assessment map - 1st quarter 2017

160 countries under the magnifying glass

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03/20/2017
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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03/14/2017
Economic Publications

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

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

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03/13/2017
Economic Publications

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

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

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02/03/2017
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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01/25/2017
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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01/24/2017
Economic Publications

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

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

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01/12/2017
Corporate 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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12/23/2016
Economic Publications

Still Tough Times For South Africa?

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

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12/19/2016
Economic Publications

Turkey: end of the tulip period?

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

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12/16/2016
Economic Publications

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

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

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12/16/2016
Economic Publications

Company insolvencies in France: a further fall in 2017

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

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11/30/2016
Economic Publications

German Economy in 2017: Stable, but Not Staid

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

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11/25/2016
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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11/25/2016
Economic Publications

Infographics - Sector risk assessments - 4th Quarter 2016

12 major sectors assessed worldwide

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11/15/2016
Economic Publications

Mexico’s Economy: More Difficult Times Ahead

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

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11/08/2016
Economic Publications

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

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

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10/17/2016
Economic Publications

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

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

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10/14/2016
Economic Publications

Country Risk Barometer Q3 2016

Concern again focused on oil prices,the emerging market thermometer

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10/13/2016
Economic Publications

Country risk assessment map • 3rd quarter 2016

160 countries under the magnifying glass

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09/23/2016
Economic Publications

Latin america: why are Manufacturing exports still Lackluster?

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

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09/20/2016
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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09/16/2016
Economic Publications

Panorama Poland : Insolvencies fall amid fair economic growth

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

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09/14/2016
Economic Publications

Panorama France : Growth Takes a Time-Out

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

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09/09/2016
Economic Publications

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

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

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08/31/2016
Economic Publications

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

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

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08/31/2016
Economic Publications

Infografics - US Pharmaceutical Companies

US Pharmaceutical Companies Have Enjoyed Their Day In The Sun, But Is It Time To Get Out The Umbrella?

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08/26/2016
Economic Publications

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

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

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08/12/2016
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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07/20/2016
Economic Publications

Barometer of sector risks in the world - July 2016

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

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07/20/2016
Economic Publications

Infographics - Sector risk assessments - 2nd quarter 2016

12 major sectors assessed worldwide

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07/18/2016
Economic Publications

Insolvencies in Central and Eastern Europe

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

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07/11/2016
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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06/29/2016
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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06/29/2016
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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06/29/2016
Economic Publications

Country risk assessment map - 2nd quarter 2016

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

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06/17/2016
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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05/31/2016
Economic Publications

Asia Corporate Payment Survey

Coface conducts an annual survey to examine corporate payment trends and experiences in 8 selected economies in the Asia Pacific region.
With mounting global uncertainties linked to China's growth moderation, the fiscal difficulties experienced by oil exporting countries and US monetary normalisation, overall payment experience in Asia is likely to remain weak in 2016 (..)

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05/26/2016
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. To do so, we provide our international business expertise, country and sector risk assessments, accurate data on 80 million companies worldwide and a range of scalable, innovative products that suit their needs and business strategy.

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05/25/2016
Economic Publications

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

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

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05/17/2016
Economic Publications

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

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

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05/09/2016
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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04/13/2016
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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04/13/2016
Economic Publications

Infographics: Sector risk assessments • 1st half 2016

12 major sectors assessed worldwide.

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04/07/2016
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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03/24/2016
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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03/16/2016
Corporate Publications

China Corporate payment survey

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

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03/04/2016
Economic Publications

The German economy: safe inside, riskier outside

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

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02/18/2016
Economic Publications

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

China, on its way to becoming an important financial player for economies with restricted access to international markets, has announced its intention to increase its (...)

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02/18/2016
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

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02/09/2016
Corporate Publications

Consolidated financial statements

Consolidated financial statements as at 31 December 2015. Preliminary version, unaudited financial statements.

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01/28/2016
Economic Publications

Country Risk Barometer Key Challenges of 2016

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

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12/23/2015
Economic Publications

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

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

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12/17/2015
Economic Publications

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

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

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12/17/2015
Economic Publications

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

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

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12/08/2015
Economic Publications

Barometer sector risks in the world - December 2015

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

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11/25/2015
Economic Publications

Construction: the Achilles' heel of the French economy

Following a long period of stagnation, construction in Europe is showing signs of recovery. In France it is the only sector, out of the fourteen studied by Coface, to be rated as very high risk. However confidence is slowly returning. The pace of new-build and pre-owned sales increased respectively by 1.4% year-on-year at the end of September 2015 and by 9.3% in the 2nd quarter of 2015. Nevertheless, despite this slight upturn, the volume of activity in the sector remains below its pre-crisis levels. Household demand remains weak, mainly due to high housing costs and the lack of dynamism in the labour market.

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11/16/2015
Economic Publications

Egypt: slow recovery and structural challenges

• Improved political stability, economic reforms and foreign investments are supporting Egypt’s economic recovery
• Coface forecasts growth of 4.4% for 2015/2016
• Egypt is still dependent on donations and FDI from GCC countries
• Current account balance fell into deficit in 2015, fiscal deficit remains high
• A slight recovery in the tourism and automotive sectors, although security issues and the fragile economic recovery represent challenges

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11/03/2015
Economic Publications

Brazil: no quick fix for the crisis

Brazil, downgraded to B (significant risk of businesses defaulting) by Coface in September, has been facing a scenario of economic juggling. The Central Bank’s increase in interest rates, to control inflation, has compromised GDP. Lower activity is reducing tax revenues and threatening fiscal adjustment. In addition, the government needs Congress’s backing in order to reach its primary surplus targets – but this support is lacking. Political uncertainties are weighing heavily on the country’s economic performance.

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10/26/2015
Economic Publications

Quarterly sector risk assessments update - October 2015

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

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10/19/2015
Economic Publications

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

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

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10/15/2015
Economic Publications

Country Risk Barometer Q3 2015

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

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10/15/2015
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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10/05/2015
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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10/02/2015
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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09/16/2015
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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09/14/2015
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 weak domestic fundamentals, were exacerbated by cyclical factors such as the decline of commodity prices - and particularly the plunge in oil prices experienced since the second half of 2014. 2015 will see the continuation of this downwards trend, with regional growth expected to weaken for the fifth year in a row.

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09/08/2015
Economic Publications

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

In this first overview of company insolvencies in Europe, Coface examines the following question: Was the return to growth observed in Europe strong enough to bring about a lasting reduction in business failures?

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09/01/2015
Economic Publications

Ranking Coface Cee top 500 companies

Coface’s seventh annual study on the biggest 500 companies in Central and Eastern Europe ranks the businesses by their turnover and additionally analyses data such as number of employees, the framework of the companies, sectors and markets. In 2014, the CEE Top 500 companies generated a turnover of EUR 572 billion, which exceeds even half of the aggregated 2014 nominal GDP of those economies. The biggest companies were able to increase their turnover as well as workforce.


- 2014: A year of improvement throughout the region – turnover increased by +2.1%
- Higher turnover of the biggest companies reflected better economic prospects in 2014
- 12 countries under study: Bulgaria, Estonia, Croatia, Latvia, Lithuania, Poland, Romania, Serbia, Slovakia, Slovenia, the Czech Republic and Hungary
- Poland was the biggest player, Hungary had the highest growth rate and the Czech Republic recovered
- Ukraine was excluded from the ranking, due to the ongoing conflict and resulting difficulties in obtaining reliable company data
- Automotive industry (+10.6%) top, oil & gas sector flop (-3.9%)

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08/11/2015
Corporate Publications

2014 Activity report

The group’s 2014 activity report is available.

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07/22/2015
Economic Publications

Automotive Sector Central Europe

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

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06/25/2015
Economic Publications

Global Country Risk Outlook June 2015

In this panorama, we first set out a study examining the economic situation and outlook for Sub-Saharan Africa.

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06/16/2015
Economic Publications

India: Happy birthday Mr Prime Minister

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

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06/08/2015
Economic Publications

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

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

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06/05/2015
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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06/03/2015
Economic Publications

Central and Eastern Europe: Company Insolvencies barometer

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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06/01/2015
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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05/28/2015
Economic Publications

Morocco: credit opinion survey

Corporate payment habits and the proportion of overdue payments they record are a good indicator of the health of an economy. Longer payment terms are an indicator not only of a company’s poor financial health but are also likely to have a knock-on effect on all its suppliers.

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05/22/2015
Economic Publications

Morocco: the challenge of becoming an emerging economy

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

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04/28/2015
Economic Publications

What we see in the Asia Pacific region

Coface (Asia Pacific) conducts surveys in 8 economies to trace the evolution in corporate payments. This report is designed to be a point of reference which gives readers an overview of the economic and industrial development in these countries. The study is supported by the results of the payment survey, as well as other macroeconomic and microeconomic indicators.

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04/23/2015
Economic Publications

Barometer sector risks in the world

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

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04/22/2015
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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04/13/2015
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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03/30/2015
Economic Publications

Panorama Global Country Risk Outlook

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

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03/23/2015
Economic Publications

Panorama Overview of Czech Republic

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

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03/17/2015
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.

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03/05/2015
Economic Publications

Panorama China Payment Survey

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

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03/04/2015
Economic Publications

Panorama Latin America

Latin America is a major producer of commodities and the recent drop in oil prices is impacting the region’s countries in different ways. Which countries could benefit from lower international quotations - and why are others negatively impacted?

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02/26/2015
Economic Publications

France, a favourable country for the development of start-ups?

Development of start-ups: what are the keys to success?

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02/25/2015
Economic Publications

France: Trend in business insolvencies

This barometer presents the new trend in business insolvencies. We are reviewing the results for 2014 and the first orientations for 2015 with insolvencies for January. After two consecutive years of growth, the number of insolvencies over 2014 had decreased by 2.9%.

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02/17/2015
Corporate Publications

Consolidated financial statements

Consolidated financial statements as at 31 December 2014. Preliminary version, unaudited financial statements.

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01/23/2015
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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01/23/2015
Economic Publications

Panorama LATAM : Growth picking up at countries of Pacific

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

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01/23/2015
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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01/21/2015
Economic Publications

Panorama Poland construction sector

The construction sector in Poland has undergone turbulent times. After the booming period related to increased demand for housing construction as well as massive public investments thanks to organizing the Euro 2012 football championship, the sector experienced a significant deterioration

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12/18/2014
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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12/18/2014
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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11/26/2014
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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11/20/2014
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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10/30/2014
Economic Publications

Panorama Country Risk

The world economy has entered into a confirmed, but slow and uneven, recovery phase.

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10/07/2014
Economic Publications

European airlines: forced to change

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

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10/02/2014
Economic Publications

Panorama Russia: The russian economy towards glaciation?

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

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09/17/2014
Economic Publications

China: Carrot-and-stick

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

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09/10/2014
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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09/04/2014
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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07/29/2014
Corporate Publications

Interim financial report, First-half 2014

- Turnover growth of +1.8% on a like-for-like basis
- Increase in current operating income of +24% and net result (group share) of +40.4%

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07/10/2014
Economic Publications

Panorama Country: Brazil


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

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06/25/2014
Economic Publications

Panorama Country Risk, the British recovery: miracle or mirage

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

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05/27/2014
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, 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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05/21/2014
Economic Publications

Corporate Payment Trend and Sectorial Risk in Asia Pacific

According to the survey of credit risks management in Asia Pacific by Coface, corporate payment experience in the region generally stabilised. Companies in Australia and China suffered more non-payment. The growth slowdown in China remains a concern for other economies in the region in 2014.

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05/16/2014
Corporate Publications

2013 Activity Report

The group’s 2013 activity report is available.

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04/29/2014
Economic Publications

CEE Insolvencies : 2013 was 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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04/15/2014
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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03/25/2014
Economic Publications

Which emerging countries will take over from the BRICS?

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

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02/27/2014
Economic Publications

Reality Check: Corporate Payment Trend and Sectorial Risk in China

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

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01/21/2014
Economic Publications

China - What to expect in 2014

Since the Third Plenary Session of the 18th Communist Party of China Central Committee (CPCCC) in November, a broad spectrum of exciting reform plans have been announced, and the government had a series of follow-up actions. These are clear signals that the Chinese effort to restructure the economy is more than just rhetoric.

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12/17/2013
Economic Publications

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

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

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11/21/2013
Economic Publications

Insolvencies in the construction sector in France: Breaking all dangers

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

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11/20/2013
Economic Publications

Panorama China - Targets By 2020

The Third Plenary Session of the 18th Communist Party of China Central Committee (CPCCC) was held between November 9 and 12 in Beijing. The plenary session outlined the major economic directions of China in coming years which will have direct impacts on various industries and the vast business community.

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10/13/2013
Economic Publications

Should we stake everything on the Asian consumer?

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

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09/26/2013
Economic Publications

Carmakers : Europe refocusing on emerging markets

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

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07/15/2013
Economic Publications

Brazil’s economy: Worrying weaknesses?

Ranked seventh in the world (and the second largest emerging economy) by GDP size, Brazil is the archetypal emerging country. But, the Brazilians’ legendary optimism has been sorely tested for the last two years: Can the Brazilian economic engine be repaired?

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07/11/2013
Corporate Publications

2012 Activity report

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

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06/20/2013
Economic Publications

What has happened to the Italian business model?

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

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06/04/2013
Economic Publications

Central European companies in crisis: why?

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

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04/18/2013
Economic Publications

Focus e-commerce / distribution

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

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03/20/2013
Economic Publications

Transformation of emerging country risk

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

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02/07/2013
Economic Publications

2013 Coface Country Risk Conference

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

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10/15/2012
Economic Publications

Updates and growth forecasts

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

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04/15/2012
Corporate Publications

2011 Activity report

Jean-Marc Pillu, CEO of Coface:
"In 2011, we achieved our goal of refocusing our operations on credit insurance"

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