News & Publications

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09/08/2017
Economic Publications

All Coface Publications

11/25/2016
Economic Publications

Infographics - Sector risk assessments - 4th Quarter 2016

12 major sectors assessed worldwide

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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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11/08/2016
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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11/07/2016
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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11/04/2016
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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10/20/2016
Economic Publications

Country risk assessment map • 3rd quarter 2016

160 countries under the magnifying glass

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10/20/2016
Economic Publications

Country Risk Barometer Q3 2016

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

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09/28/2016
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. The region´s abundant natural resources brought economic gains during the commodity bonanza period and it became a major supplier of basic products, particularly to China.

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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. Based on the same principle as the 2015 survey, it seeks to analyse changes in Moroccan companies' behaviours and their perceptions of the economic situation.

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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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09/12/2016
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 Pharmaceutical Companies Have Enjoyed Their Day In The Sun, But Is It Time To Get Out The Umbrella?

Despite having the highest healthcare expenditure of all industrialized nations, US public health is far below that of other advanced economies.

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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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08/09/2016
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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07/18/2016
Corporate 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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07/18/2016
Economic Publications

Infografics - Sector risk assessments - 2nd quarter 2016

12 major sectors assessed worldwide

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07/13/2016
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. This diversification has become especially important since mid 2014, with plunging oil prices. Only 30% of GDP and nearly 20% of exports came from hydrocarbon revenues in 2015. This relatively high level of economic diversification has made the country less vulnerable to the shock in oil prices.

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06/30/2016
Economic Publications

Country Risk Barometer Q2 2016 - China and the United States

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

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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06/24/2016
Economic Publications

Insolvencies in Northern Europe: Positive trends in the Netherlands, Sweden and Germany

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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06/03/2016
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.

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05/27/2016
Corporate Publications

Coface 2015 Activity report

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

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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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05/20/2016
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, mainly driven by the free fall in investment and the collapse in consumption....

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05/12/2016
Economic Publications

Overview of Hungary: Corporates on the starting block for sustainable growth?

Hungary is performing well, considering the context of struggling economies globally. Admittedly, since enjoying the podium position for growth among the Central and Eastern Europe (CEE) nations in 2014, Hungary has registered a slowdown, but with 2.9% in 2015 and 2.2% for this year (forecast by Coface).....

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04/08/2016
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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04/07/2016
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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04/05/2016
Economic Publications

Country Risk Barometer Q1 2016

Sluggish growth, absence of inflationary pressures, ever more expansionary monetary policies and increased volatility in financial markets; these are four elements characterising the global economy in early 2016 (...)

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04/04/2016
Corporate 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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03/17/2016
Corporate Publications

Iran: sharp turn ahead, drive carefully

After five years of sanctions, Iran is finally ready 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. Two consecutive years of negative growth and runaway inflation have tested Iran’s resistance model to its limit. The lifting of the EU embargo will allow Iran to revive its oil sector and return to the global market. The country is perceived as a new Eldorado, with its 78 million potential consumers.

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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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03/02/2016
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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02/24/2016
Economic Publications

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

During the China-Celac Forum, held at the beginning of last year, China announced its intention to increase its investment stock in Latin America to (...)

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02/17/2016
Economic Publications

Company insolvencies in France: Heading towards a third consecutive year of decline

In France, the number of company insolvencies fell for the second consecutive year in 2015, (-2.1%)

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01/27/2016
Economic Publications

Panorama - 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 excessive debt.

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12/22/2015
Economic Publications

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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12/15/2015
Economic Publications

In front of the globalisation of the wine market, Europe bends but does not break

European wine consumption has fallen over these past years like that of France, which is a third of what it was 50 years ago.

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12/07/2015
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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11/30/2015
Economic Publications

Construction: The Achilles' Heel of the French Economy

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. Household consumption has increased, even if only modestly, due to gains in purchasing power as a result of almost zero inflation and despite the ever-rising unemployment rate.

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11/16/2015
Corporate Publications

Egypt: slow recovery, structural challenges

Coface estimates that growth will increase to 4.4% for 2015/2016. With the new Suez Canal, confidence seems to be returning to Egypt, marking the beginning of a new era for the country. In effect, Egypt’s economy is trying to get back on track following the effects of six different governments since 2011.

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11/05/2015
Economic Publications

Brazil: No Quick Fix for the Crisis

Brazil has grown over the last decade, as a result of the boom in commodity prices and strong household consumption. The country endured the 2008-2009 crisis, thanks to liquidity injections from public banks.

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10/26/2015
Economic Publications

Barometer sector risks in the world - October 2015

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

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10/14/2015
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. But the increase in production capacity rapidly pushed down prices in a context of increased competition from China and a downturn in European business conditions.

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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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10/01/2015
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
Corporate 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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09/14/2015
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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09/14/2015
Corporate 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.

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07/28/2015
Corporate 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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07/17/2015
Corporate Publications

Credit Rating Announcement

GCR affirms Coface South Africa Insurance Company Limited’s rating of AA+(ZA); Outlook Stable.

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07/13/2015
Corporate Publications

Group Activity Report 2014

Registration document 2014 including the Financial report - Backed by nearly 70 years of experience, the Coface Group is a global leader in credit insurance.

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06/22/2015
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. We are also publishing our quarterly barometer of worldwide trends in country risk.

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06/19/2015
Economic Publications

INFOGRAPHICS : COUNTRY RISK ASSESSMENTS JUNE 2015

Infographics - Country Risk Assessments

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06/04/2015
Corporate Publications

Turkey Panorama: 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. Coface expects a growth rate of 3.5% this year - still a solid rate, yet below the potential growth rate estimated at 5% and lower than some of the country’s peers.

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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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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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05/11/2015
Economic Publications

Panorama: What we see in the Asia Pacific region

Coface conducts an annual survey to examine corporate payment trends and experiences in the Asia-Pacific region. In 2014, the survey was conducted in 8 economies – Australia, China, Hong Kong, India, Japan, Singapore and Taiwan, as well as, for the first time, Thailand. The study revealed some key indicators that showed signs of a (...)

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04/16/2015
Economic Publications

The US Automotive Sector: A Risky Recovery?

The automotive industry in the United States, the"backbone of American industry" according to Barack Obama, was on the verge of bankruptcy at the time of the financial crisis, with a drop in sales of 35% between 2007 and 2009.

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04/15/2015
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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04/14/2015
Corporate 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.

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03/27/2015
Economic Publications

Panorama 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".

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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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03/09/2015
Corporate Publications

Panorama China Payment Survey

Coface conducts an annual survey of payment experience in China. With 80% of the survey respondents 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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01/21/2015
Economic Publications

Insolvencies in Turkey

Disclosure of the exit strategy by FED Chairman Ben Bernanke in May 2013 triggered a new period marked by a change in the risk perception towards developing economies in financial markets.

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01/20/2015
Economic Publications

Middle East and North Africa

How do the Middle East and North Africa (MENA) economies perform after the social and political turmoil caused by the so called “Arab Spring” late in 2010?

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01/14/2015
Economic Publications

Growth picking up at countries of Pacific

Three decades ago Latin America used to be known by negative terms such as dictatorship, debt crises and high inflation. The region´s GDP increased by an annual average of only 1.5% in the 1980s.

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12/15/2014
Corporate Publications

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.

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12/01/2014
Corporate Publications

Insolvencies

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.

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11/20/2014
Corporate Publications

Sectors Panorama

This end of year panorama starts with the risk assessment of 14 sectors in the three regions we monitor.North America is witnessing major evolutions. Our assessments in this region are improving for chemicals, transportation and textile-clothing.

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11/10/2014
Economic Publications

Insolvencies in Poland

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 the rise since 2008 and 883 bankruptcies in 2013 is even the highest result in 9 years history.

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10/27/2014
Corporate Publications

World Trade: A Sluggish Spell?

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

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09/29/2014
Corporate Publications

United Arab Emirates

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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09/25/2014
Corporate 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.

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09/22/2014
Corporate Publications

September Panorama

This panorama focuses primarily on assessing sector risk in the 14 sectors of business in three major geographic regions.

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09/19/2014
Corporate Publications

Panorama: The Russian Economy: Towards Glaciation?

The Ukrainian crisis has occurred in a context of significant weakening of the Russian economy.

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09/03/2014
Corporate 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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05/28/2014
Corporate Publications

2013 Activity Report

The Coface Group is a global leader in credit insurance and a recognised expert in commercial risk management. It provides businesses worldwide with solutions to protect them against the risk of client insolvency on their domestic and export markets.

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01/28/2014
Economic Publications

Panorama China : What to expect in 2014

A broad spectrum of exciting reform plans have been announced, and the government had a series of follow-up actions. But in the near-term, potential negative impacts on the real economy as a result of the reform effort and credit risks associated with the rising cost of fund have to be watched out for.

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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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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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06/20/2013
Economic Publications

Should we go for Asian consumers?

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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