新闻、出版刊物及活动

最新消息

2024-02-26
企業刊物

所有 Coface 刊物

2022-10-11
經濟學刊物

Sector Risk Assessment infographics- Q3 2022

Coface's assessments of 13 major global sectors from 6 geographical sectors. These assessments are based on 75 years of Coface expertise and payment experience data, external financial data forecasts, and multifactorial key items (commodities price forecasts, structural changes, Coface country risk assessment).

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2022-10-10
經濟學刊物

Country Risk Assessment Map - Q3 2022

Our latest edition of the Coface Country Risk Map. Consult and download Coface's risk assessments of 162 countries across the world.

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2022-09-19
經濟學刊物

Germany Corporate Payment Survey 2022: Battered companies prepare for another crisis

One of the main takeaways of this year’s survey is that payment behaviour has become slightly more restrictive: with a gas-crisis on the horizon, fewer companies are offering payment terms (71%) compared to last year (74%).

Christiane von Berg, our economist for the Northern Europe region, details the payment terms and expectations of companies in Germany.

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2022-06-29
經濟學刊物

2022 亞太企業付款調查

逾期付款時間縮短,但亞太企業面臨的信用風險上升。科法斯《2022亞太企業付款調查》於2021年11月至2022年2月進行。該調查涵蓋了亞太地區9個市場和13個行業的近2,800家企業。

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2022-06-22
經濟學刊物

Country & Sector Risk Barometer - Q2 2022

Four months after the start of hostilities in Ukraine, what initial lessons can be drawn ?
As the horizon continues to darken, the risks are naturally bearish and no scenario can be ruled out.
Read our full publication.

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2022-06-20
經濟學刊物

Country Risk Assessment Map - Q2 2022

The latest edition of the Coface Country Risk Map. Consult and download Coface's risk assessments of 162 countries across the world.

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2022-06-20
經濟學刊物

Sector Risk Assessment - Q2 2022

Coface's assessments of 13 major global sectors are based on 75 years of Coface expertise and on the financial data published by listed companies from 6 geographical sectors. These assessments are based on Coface’s expertise and payment experience data, external financial data forecasts (quantiles), and multifactorial key items (commodities price forecasts, structural changes, Coface country risk assessment).

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2022-06-17
經濟學刊物

CEE company insolvencies on the rise

Insolvency trends in the Central and Eastern European (CEE) region have been subject to various economic conditions, support measures and legal changes over the last two years. Indeed, the Covid-19 pandemic that triggered the economic downturn and officially implemented lockdowns brought concerns not only for the macroeconomic activity but also the companies’ payment liquidity.

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2022-05-26
經濟學刊物

Medium and long-term knock-on effects of the war in Europe on global sectors trends: will there be resilient sectors?

In the short run, all sectors for which Coface publishes sector risk assessments in six regions worldwide will be impacted by the knock-on effects of Russia’s invasion of Ukraine.
Which ones would be the most resilient sectors? Read our full study now!

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2022-05-11
經濟學刊物

科法斯 2022年中國企業付款調查:部分行業的付款逾期延長,信用風險上升

根據科法斯發布的《2022 年中國企業付款調查》,在 1,000 家受訪企業中,2021 年遭遇逾期付款的企業減少,但逾期時間比前一年延長(...)

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2022-05-10
經濟學刊物

War in Ukraine: Many (big) losers, few (real) winners

More than two months after the start of the war in Ukraine, prospects for a rapid resolution of the war seem increasingly unlikely.

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2022-04-06
企業刊物

Universal Registration Document 2021

Coface publishes its 2021 Universal Registration Document and maintains its ambitions and strategy plan to 2023. Download a full copy.

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2022-03-08
經濟學刊物

Russia-Ukraine conflict: Stagflation ahead

In this Focus, the Coface Economic Research team examines the economic consequences of the Russia-Ukraine conflict, rising commodity prices in particular.

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2022-02-23
經濟學刊物

Poland Payment Survey 2022

Poland Corporate Payment Survey 2022: Return to normality – unwinding support programs, longer payment delays. The sixth edition of Coface’s survey on payment experience in Poland was carried out in November and December 2021 with 331 companies participating in the study.

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2022-02-17
經濟學刊物

Country & Sector Risk Barometer - Q4 2021

The global recovery continues in 2022, but a bumpy road lies ahead.

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2022-02-16
經濟學刊物

Country Risk Assessment Map - Q4 2021

The latest edition of the Coface Country Risk Map. Consult and download Coface's risk assessments of 162 countries across the world.

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2022-02-16
經濟學刊物

Sector Risk Assessment - Q4 2021

Coface's assessments of 13 major global sectors are based on 75 years of Coface expertise and on the financial data published by listed companies from 6 geographical sectors. These assessments are based on Coface’s expertise and payment experience data, external financial data forecasts (quantiles), and multifactorial key items (commodities price forecasts, structural changes, Coface country risk assessment).

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2022-01-18
經濟學刊物

Morocco Payment Survey 2021

Morocco Corporate Payment Survey: shortened payment delays in 2021. During the second quarter of 2021, Coface conducted its fifth survey on the payment behaviour of 380 companies in Morocco, with the objective to monitor the evolution of payment terms and delays.

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2021-10-26
經濟學刊物

Country & Sector Risk Barometer: Q3 2021 Quarterly Update

Supply chain and inflation headwinds hamper the global recovery

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2021-10-25
經濟學刊物

Sector Risk Assessments - October 2021

13 major sectors assessed worldwide. Coface assessments are based on 75 years of Coface expertise and on the financial data published by listed companies from 6 geographical sectors. 5 financial indicators are taken into account: turnover, profitability, the net debt ratio, cashflow, and claims observed by our risk managers.

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2021-10-25
經濟學刊物

Country Risk Assessment Map - October 2021

New edition of the country risk map. Consult, download and print the map of the 162 countries assessed by Coface.

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2021-10-05
經濟學刊物

In the COVID-19 aftermath, Latin American exports towards China should continue to gain ground at the United States’ expense

The trade relationship between China and Latin America has expanded considerably over the past two decades, gradually standing out (compared to the United States) as an important market for the region’s exports.

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2021-09-28
經濟學刊物

Has the global retail sector returned to normal?

The COVID-19 pandemic affected global retail activity through social distancing measures and store closures. Our Focus looks at varying effects across segments, as well as the outlook for the global retail sector.

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2021-09-21
經濟學刊物

New wave of post-pandemic social movements: international trade as a collateral victim

While the restrictions linked to the COVID-19 pandemic put a stop to the resurgence of social movements, a new wave is on the horizon. The resurgence of mass protests, which had already been strong since 2017, mainly in emerging countries, is expected to accelerate again.

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2021-09-14
經濟學刊物

Germany Corporate Payment Survey 2021

For the second consecutive year, although Germany experienced a strong recession, the number and duration of payment delays in the country both decreased. Learn more in the fifth edition of our Germany Corporate Payment Survey.

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2021-09-07
經濟學刊物

What perspectives for the UAE after COVID-19?

Middle East & Turkey economist Seltem Iyigun investigates the perspectives for the United Arab Emirates following the coronavirus pandemic in this Coface Focus.

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2021-07-26
經濟學刊物

Will the electric vehicle metals boom last?

Metals used in electric vehicles are in high demand, as these cars at the forefront of a revolution in the automotive industry. Stringent regulations, States’ support schemes, and customers’ willingness to buy and own EV are bolstering demand for these vehicles. However, imbalances between supply and demand are pushing prices higher, while EV market shares have not overtaken that of traditional engines.

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2021-07-08
經濟學刊物

Country & Sector Risk Barometer: Q2 2021 Quarterly Update

Global GDP growth rate for 2021 revised upwards; Coface forecasting model indicates an 11% growth in world trade for this year.

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2021-07-08
經濟學刊物

Sector Risk Assessment - Q2 2021

Coface's assessments of 13 major global sectors are based on 75 years of Coface expertise and on the financial data published by listed companies from 6 geographical sectors. These assessments are based on Coface’s expertise and payment experience data, external financial data forecasts (quantiles), and multifactorial key items (commodities price forecasts, structural changes, Coface country risk assessment).

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2021-07-08
經濟學刊物

Country Risk Assessment Map - Q2 2021

The latest edition of the Coface Country Risk Map. Consult and download Coface's risk assessments of 162 countries across the world.

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2021-07-05
經濟學刊物

Asia Payment Survey 2021: Shorter payment delays amid support measures

More companies in Asia Pacific offered credit facilities in 2020 as competition intensified amid the challenging economic conditions brought on by the COVID-19 pandemic.

However, firms had different responses to credit management despite facing similar economic shocks. Find out about them in our latest publication on Asia Pacific.

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2021-06-29
經濟學刊物

The risks and opportunities of virtual offshoring

The cultural changes the pandemic has brought will continue to shape the economy for years to come. Among these, the normalization of remote work is one of the most consequential. If it can be done from home, could it be done from abroad?
Check the risks and opportunities of virtual offshoring in our latest Focus by Marcos Carias our economist for Southern Europe and Coline Louis, Junior Economist.

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2021-05-26
經濟學刊物

China Payment Survey 2021: Shorter credit terms for most sectors except construction, food and automotive

Coface’s 2021 China Corporate Payment Survey shows that payment terms shortened by 11 days on average in 2020, falling to 75 days, while the distribution of credit terms leaned towards a shorter rather than longer period.

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2021-05-11
經濟學刊物

Germany: More insolvencies in the pipeline

Coface's Northern Europe economist, Christiane von Berg, examines Germany's "hidden insolvencies" in our Focus.

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2021-04-27
經濟學刊物

Country & Sector Risk Barometer: Q1 2021 Quarterly Update

The United States leads the race to global recovery, emerging markets lag behind.

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2021-04-13
經濟學刊物

Coface report looks at China and Australia's trade relationship

The China-Australia bilateral relationship deteriorated sharply over 2020, with China imposing trade restrictions on a number of Australian exports. But there are growing concerns that an escalation of bilateral tensions will see China hardening its stance towards Australia.

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2021-04-06
經濟學刊物

USA: recovery plan paves way for record trade deficit

In our latest Focus on the United States, Coface's North America economist, Ruben Nizard, analyzes the economic legacy that President Joe Biden's administration must now manage.

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2021-03-23
經濟學刊物

Insolvencies in France: +22,000 businesses left dangling

In France, the number of corporate insolvencies in January 2021 fell by 38% year-on-year – exactly the same drop as in 2020. Although the economic & health crisis has not affected all sectors the same way, insolvencies have fallen significantly across the board. However, taking into account government support measures and the drop in turnover by sector, insolvencies in France should have risen by 6.5% in 2020. Learn more about 2020’s “hidden insolvencies” in our Focus.

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2021-03-16
經濟學刊物

The business insolvency paradox in Europe: miracle and mirage

Normally, insolvencies rise when the economy contracts. Yet, in 2020, insolvencies fell in all major eurozone economies. It is safe to assume that government support is keeping many fragile firms alive – are we therefore seeing the “calm before the storm”, with a wave of insolvencies around the corner?

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2021-03-11
經濟學刊物

Middle East & Africa: volatile oil prices lead to varying effects on producing countries, including diversification

The COVID-19 pandemic’s negative impact on global GDP growth and trade volumes caused a sharp decline in oil prices. Coface expects oil prices to remain volatile in the upcoming quarters. Read our forecasts in our latest Panorama.

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2021-02-16
經濟學刊物

Poland Corporate Payment Survey 2021: amid support programmes, corporate payment delays have shortened during the pandemic

The fifth edition of Coface’s survey on corporate payment experience in Poland was carried out in November 2020, with 330 companies participating in the study, by Grzegorz Sielewicz, Coface Economist for Central & Eastern Europe.

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2021-02-11
經濟學刊物

Country risk assessment map - Q4 2020

New edition of the country risk map. Consult, download and print the map of the 162 countries assessed by Coface.

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2021-02-11
經濟學刊物

Sector Risk Assessment Map - Q4 2020

13 major sectors assessed worldwide. Coface assessments are based on 75 years of Coface expertise and on the financial data published by listed companies from 6 geographical sectors. 5 financial indicators are taken into account: turnover, profitability, the net debt ratio, cashflow, and claims observed by our risk managers.

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2021-02-08
經濟學刊物

Country & Sector Risk Barometer: Q4 2020 Quarterly Update

In spite of a gradual recovery, political risks are on the rise.

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2020-10-05
經濟學刊物

Country & Sector Risk Barometer: Q3 2020 Quarterly Update

In spite of a gradual recovery, political risks are on the rise

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2020-10-01
經濟學刊物

Sector Risk Assessment Map - October 2020

13 major sectors assessed worldwide. Coface assessments are based on 70 years of Coface expertise and on the financial data published by listed companies from 6 geographical sectors. 5 financial indicators are taken into account: turnover, profitability, the net debt ratio, cashflow, and claims observed by our risk managers.

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2020-09-15
經濟學刊物

Germany Corporate Payment Survey 2020: German companies have switched to “crisis-mode” and offer less payment terms

COVID-19 and its effects on the global and German economy is the predominant topic of this fourth edition of Coface’s survey on corporate payment experience in Germany.

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2020-09-08
經濟學刊物

Panorama: Global renewable energies climb despite COVID-19

Despite the COVID-19 pandemic, the renewables segment of the global energy sector has continued its ascension.

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2020-09-01
經濟學刊物

The Netherlands - Corporate Payment Survey 2020

More payment delays alongside COVID-19 for Dutch companies

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2020-07-23
經濟學刊物

Post-pandemic production relocation: an opportunity for CEE countries

The COVID-19 crisis has triggered a discussion on increasing supply chain resilience to foreign supply shocks.
Before the pandemic’s arrival in Europe, a lockdown of factories that temporarily suspended manufacturing in China put the supply of intermediary goods at risk. In order to limit such risks, supply chain managers are likely to diversify their sources of supply.

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2020-07-16
經濟學刊物

Global Transport: What does the future hold beyond COVID-19?

The COVID-19 pandemic has triggered a mobility crisis, mainly because of physical distancing requirements and the necessity to avoid confined spaces, in order to limit the virus’ propagation. This has had a disastrous impact on the global transport sector, with air passenger transport being the most affected segment.

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2020-07-15
經濟學刊物

United States: Two-speed business bankruptcies

The COVID-19 pandemic has hit the United States (U.S.) very hard, inflicting a heavy human and economic toll.

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2020-07-02
經濟學刊物

2020 亞太區企業付款調查:新冠疫情或將澆滅去年以來的經濟復甦勢頭

科法斯年度《亞太區企業付款調查》評估了亞太地區九個經濟體的企業付款行為。

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2020-06-29
經濟學刊物

Focus: Are corporate balance sheets in Spain and Italy ready for the COVID-19 shock?

Spain and Italy will be amongst the economies hardest hit by COVID-19, contracting by 12.8% and 13.6% respectively in 2020, according to Coface’s forecasts. Taking a closer look at the health of Spanish and Italian corporate balance sheets should help identify pockets of vulnerability where widespread defaults are more likely to materialize.

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2020-06-18
經濟學刊物

Focus: Corporate insolvencies in Europe - temporary framework amendments kick the can down the road

The economic consequences of the COVID-19 pandemic are of an unprecedented scale in Europe. The twin supply-demand shock has resulted in the halting of production (at least partially) in many companies as employees cannot go to work and in a fall in consumption because of mobility restrictions. The decline in revenues has deteriorated companies’ cash positions, fostering an increase in payment delays – and, ultimately, payment defaults.

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2020-06-09
經濟學刊物

Country & Sector Risk Barometer: Q2 2020 Quarterly Update

From a massive shock to a differentiated recovery

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2020-06-09
經濟學刊物

Country risk assessment map - June 2020

New edition of the country risk map. Consult, download and print the map of the 162 countries assessed by Coface.

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2020-06-09
經濟學刊物

Sector risk assessment infographic - June 2020

13 major sectors assessed worldwide. Coface assessments are based on 70 years of Coface expertise and on the financial data published by listed companies from 6 geographical sectors. 5 financial indicators are taken into account: turnover, profitability, the net debt ratio, cashflow, and claims observed by our risk managers.

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2020-06-02
經濟學刊物

2020中國企業付款調查:新冠肺炎疫情加劇付款逾期

新冠肺炎疫情嚴重影響經濟活動,科法斯2020年中國企業付款調查顯示,2019年企業付款行為發生惡化,66%受訪企業表示遭遇了逾期付款。2019年,平均信用期限穩定在86天。可以預計,那些因封鎖措施遭受嚴重衝擊的行業,為了維持生存不得不延期付款,有的企業甚至因而倒閉 (...)

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2020-05-28
經濟學刊物

Focus: World Trade - despite a sudden interruption, global value chains still have a bright future

In the midst of the COVID-19 pandemic, global trade has been dragged down by numerous factors. However, as tight border controls begin to ease and producers begin to adapt, the good news is that global value chains still have a bright future.

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2020-04-29
經濟學刊物

Focus: COVID-19 swings the spotlight back onto emerging countries’ debt

While the focus, so far, has mainly been on China, Europe and the United States, the consequences of the COVID-19 pandemic are likely to be even more severe in emerging economies.

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2020-04-15
經濟學刊物

聚焦:疫情過後,中國經濟能否獨善其身?

鑒於新冠肺炎疫情對全球經濟的影響,中國恐怕無法實現2020年增長目標。

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2020-04-06
經濟學刊物

Country & Sector Risk Barometer: Q1 2020 Quarterly Update

COVID-19: heading towards a sudden global surge in corporate insolvencies

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2020-03-05
經濟學刊物

Poland Payment Survey: reduced payment delays, but a challenging outlook

Despite the economic slowdown, Coface’s latest survey on business payments in Poland shows that payment delays have systematically shortened since 2017 - but the impact of the coronavirus epidemic on the Polish economy remains to be seen.

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2020-02-04
經濟學刊物

Country & Sector Risk Barometer: Q4 2019 Quarterly Update

World trade in the face of political and environmental change.

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2020-02-04
經濟學刊物

Country risk assessment map - february 2020

New edition of the country risk map. Consult, download and print the map of the 161 countries assessed by Coface.

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2020-02-04
經濟學刊物

Sector risk assessment map - february 2020

13 major sectors assessed worldwide. Coface assessments are based on 70 years of Coface expertise and on the financial data published by listed companies from 6 geographical sectors. 5 financial indicators are taken into account: turnover, profitability, the net debt ratio, cashflow, and claims observed by our risk managers.

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2019-12-10
經濟學刊物

Corporate insolvencies in France: fewer in number, larger in size

Corporate insolvencies fell by 3.3% in France during the first ten months of the year. After a difficult first quarter, due in particular to the repercussions of the “yellow vest” movement, they have been steadily declining since May 2019. As a result, the number of corporate insolvencies is expected to decline over the full year, for the fourth consecutive time. However, Coface expects a slight rebound of insolvencies in 2020 (+0.9%), for around 52,000 proceedings, mainly due to the expected slowdown in the construction sector that was largely driven by public works in 2019.

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2019-12-10
經濟學刊物

The global automotive industry and enhanced regulations: a very steep path ahead

The global auto sector is facing several challenges including enhanced and stricter regulations against environmental risks in the context of a slowdown of the global economy.

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2019-10-29
經濟學刊物

Germany Payment Survey 2019: Turn of the tide

This is the third edition of Coface’s survey on payment experience in Germany, done this summer, with 442 participating companies located in Germany. Our survey highlights that Germany is in a changing phase. The pressure on companies due to international competition is getting stronger. This is one of the reasons why German companies have increased their average credit period from 29.8 days to 35.9 days between 2017 and 2019.

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2019-10-24
經濟學刊物

Eurozone economic slowdown: Evidence from Coface’s activity indicators

Since the start of 2019, the signals warning of a slowdown in world growth have multiplied. While all economists agree on this downward trend, following the cyclical peak reached in 2017, there is now a question mark as to the scale of this slowdown, especially in the eurozone. While some commentators are suggesting the likelihood of a recession in 2020, most economists are predicting “only” a slight downturn.

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2019-10-22
經濟學刊物

Global outlook for the agri-food sector within a protectionist environment

The agri-food sector (alongside the ICT sector), has been at the heart of the global trade war, aggravated by the fact that China’s retaliation measures have often targeted US soybean imports. As a consequence, the US agri-food sector, notably American soybean exporters are negatively impacted by this situation.

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2019-10-21
經濟學刊物

Sector risk assessment map - October 2019

13 major sectors assessed worldwide. Coface assessments are based on 70 years of Coface expertise and on the financial data published by listed companies from 6 geographical sectors. 5 financial indicators are taken into account: turnover, profitability, the net debt ratio, cashflow, and claims observed by our risk managers.

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2019-10-21
經濟學刊物

Country risk assessment map - October 2019

New edition of the country risk map. Consult, download and print the map of the 161 countries assessed by Coface.

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2019-10-21
經濟學刊物

Global economy in 2020: general slowdown despite the action of central banks

As usual, many political events marked the summer: another episode of the Argentine exchange rate crisis, an unexpected change of government in Italy, major demonstrations in Hong Kong and Russia, an ever more challenging continuation of the “Brexit” process and an attack on oil installations in Saudi Arabia.

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2019-09-24
經濟學刊物

Netherlands: What is the secret of Dutch trade?

In 2018, the Netherlands were the sixth-largest goods exporter in the world. In the service-exports category, the Dutch placed eighth in 2015. Considering exports relative to GDP, the Netherlands took third place in 2015 (right behind Ireland and Switzerland). However, times have changed...

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2019-09-12
經濟學刊物

CEE insolvencies: so far, so good despite an increasingly challenging global economic environment

The Central and Eastern European region has experienced unparalleled growth in the European Union. However, a slowdown is expected in the coming years.

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2019-09-03
企業刊物

Coface: A world of trade

Expertise & agility: We believe that trade is the driving force behind value creation and stability on a worldwide scale, but it is a risky and complex world out there. That is why it is our job to help you make the right decisions, so you can get on with growing your business without any disruptions. Because each market is unique, there are two essential dimensions to how we operate: expertise and agility. Our employees are ready, willing and able to assist in more than 100 countries where Coface can support you.

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2019-08-01
經濟學刊物

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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2019-07-09
經濟學刊物

2019亞太地區企業付款調查:貿易戰愁雲之下,企業付款趨勢日益惡化

去年,亞太地區(APAC)企業不得不面對多重政治、經濟及財務困境,如貿易戰、全球資本流動變化無常、美國及歐洲增長放緩、英國脫歐。為進一步了解這些事件對企業所造成的影響,科法斯在全球多國進行了年度企業付款調查。《2019亞太地區企業付款調查》涵蓋了亞太地區9個經濟體。調查在2018年第四季度展開,期間共收集了來自3,000家企業的數據。

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2019-07-08
經濟學刊物

Trade tensions return to the forefront of the global economy - Country and Sectors risks Barometer

The first part of 2019 was marked by the decline in world trade, which will decrease in volume over the year as a whole according to our forecasts (-0.7%), despite a slight recovery expected in the second half of 2019.

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2019-07-04
經濟學刊物

Country risk assessment map - July 2019

New edition of the country risk map. Consult, download and print the map of the 161 countries assessed by Coface.

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2019-07-04
企業刊物

Sector risk assessments - July 2019

13 major sectors assessed worldwide. Coface assessments are based on 70 years of Coface expertise and on the financial data published by listed companies from 6 geographical sectors. 5 financial indicators are taken into account: turnover, profitability, the net debt ratio, cashflow, and claims observed by our risk managers.

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2019-07-04
經濟學刊物

Political risks in Africa: the temperature is rising

Africa has seen a bevy of political events in recent months. After the deterioration of the security situation in the Sahel, as well as the forced departures of historical leaders from Algeria and Sudan via the streets, where will the political risks manifest in the second half of the year?

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2019-06-19
經濟學刊物

An unsure future for natural gas: How risks could derail the current boom

The energy industry is quickly evolving: as renewable energy sources increase in popularity compared to fossil fuels, their costs are plummeting. New forms of electricity conservation have recently become the focal point of widespread international attention, resulting in heavy investment and research. Furthermore, natural gas is increasingly losing its reputation as a cleaner energy source in the battle against climate change, as it pollutes more than renewable alternatives.

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2019-05-29
經濟學刊物

Corporate insolvencies in France: micro-entreprises in the wave’s trough

During the first four months of 2019, the rate of corporate insolvencies in France increased by +0.8%. This rate was particularly high during January and February, mainly due to the repercussions of the "gilets jaunes" (yellow vests) movement; however, the increasing rate of insolvencies declined in March and April. Nonetheless, Coface anticipates that, despite resilient economic growth, insolvencies will increase by +1.7% over the whole of 2019 (…)

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2019-05-21
經濟學刊物

From copycat to early bird: Taking stock of China’s 5G ambitions

China has rapidly become a big player in 5G technology, thanks to the government’s strategy and its support of high investment in Research and Development (R&D). This new technology is part of the Made in China 2025 initiative, through which the Chinese government targets self-sufficiency in high-end industries. China coordinated its approach to 5G and some successes are already visible. For example, 40% of global patents for current 5G network standards are from Chinese firms. Moreover, Chinese companies are set to benefit from 5G. Huawei is the global leader in network infrastructures; it currently holds 29% of the market (...)

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2019-05-09
經濟學刊物

Luxury market performance in global economic downturns: is this time different?

The luxury market is unique, mainly due to the fact that its products are consumed for social distinction. This has helped companies in the segment to outperform other sector-segments over the past years. Nevertheless, the luxury market is facing important challenges, notably regarding counterfeit products, a risk for companies, and e-commerce, which is disrupting how business is conducted. In addition, the market is not immune to challenging economic conditions. Global economic activity is currently experiencing a slowdown: Coface forecasts a global GDP growth rate of 2.9% in 2019 after 3.2% in 2018, and this will have an impact on some luxury products. Looking ahead, the rise of emerging markets’ middle classes – especially in China – presents great opportunities. Despite global economic slowdown, we are therefore expecting the luxury retail market overall to be resilient, notably benefiting from the rise of Chinese consumers’ appetite for luxury.

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2019-04-24
經濟學刊物

Central Asia: is the ménage à trois with China and Russia sustainable?

Central Asia is both a partner and a trade gateway for China and Europe. It is located on two branches of the New Silk Road. Despite criticism, China is the most involved in the development of Central Asian corridors. This deployment is not obvious given the competition from other routes and poor regional cooperation. While Russian influence remains significant through expatriate remittances, its military bases, and culture, it is being supplanted by China in economic matters.

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2019-04-24
經濟學刊物

The great industrial rotation continues - Country and Sector risks Barometer

Signs of the global economic slowdown continued to accumulate at the beginning of 2019: companies are much less confident than a year ago, and global trade is showing signs of fatigue.

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2019-04-24
經濟學刊物

Country risk assessment map - April 2019

New edition of the country risk map. Consult, download and print the map of the 161 countries assessed by Coface.

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2019-04-24
經濟學刊物

Infographics - Sector risk assessments - April 2019

Infographics - Sector risk assessments

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2019-04-09
經濟學刊物

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. Five years later, the economy is in a better position, but many of the structural fragilities that Modi inherited continue to afflict India today (...)

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2019-04-03
經濟學刊物

Latin America: Brazil and Mexico’s oil industries – opposite policies?

In the context of a global oil market that is likely to remain volatile, the two largest Latin American economies – Brazil and Mexico – are expected to implement significant changes in their energy policies in the medium term. Both countries have appointed new presidents in the last year following polarised elections: in Brazil the right-wing president Jair Bolsonaro took office in January 2019, while December 2018 saw the arrival of left-wing André Manuel Lopez Obrador (AMLO)1. Similarly, the two oil industries share two main common features: their state-owned companies have experienced significant financial and governance issues, and both countries are crude oil exporters and net oil derivative importers. Conversely, in terms of energy policies, they appear to be taking opposite directions.

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2019-03-14
經濟學刊物

China Payment Survey 2019: Longer delays as growth falters

The Chinese economy experienced some challenges in 2018 . Corporate bond defaults in US dollars quadrupled, reaching an amount of USD 16 billion, while the number of bankruptcy cases settled through the Supreme Court of the People’s Republic of China spiked to 6,646 (...)

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2019-02-26
經濟學刊物

Turkey’s economic slowdown continues, but exports offer some support

Turkey is experiencing a severe economic slowdown, coupled with a jump in inflation, as a result of the sharp depreciation of the lira during 2018.

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2019-02-12
經濟學刊物

Global economy: industry is stalling

Global economy: industry is stalling - Despite the many obstacles in its path (diverse and varied political risks, high volatility of commodity prices, supply constraint s in advanced economies, to name but a few), world growth in 2018 managed to sustain its 2017 rate (3.2%)

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2019-02-05
經濟學刊物

Country risk assessment map - January 2019

Country risk assessment map - January 2019

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2019-02-05
經濟學刊物

Infographics - Sector risk assessments - January 2019

Infographics - Sector risk assessments

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2018-12-20
經濟學刊物

Tighter global liquidity and Asia: not all gloom and doom

Asia has been under pressure following from tighter global liquidity in 2018, led by a rapid pace of interest rate hikes by the Federal Reserve (Fed) of the Unites States (US) (...)

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2018-11-27
經濟學刊物

Corporate insolvencies in France: all good things come to an end

The third quarter of 2018 marks a turning point for companies in France: for the first time in two years, insolvencies increased by 2.3% compared to the same quarter of the year previous (...)

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2018-11-19
經濟學刊物

Could SMEs become the weak link in China’s economy?

when considering risk in the Chinese economy, a lot of the discussion has focused on large State-Owned Enterprises (SOEs), or large private conglomerates (...)

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2018-11-06
經濟學刊物

Wind energy: how long will the wind stay in the industry’s sails?

Wind energy undoubtedly has a bright future, with many countries around the world eager to develop this source (...)

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2018-10-25
經濟學刊物

UAE: a new placein new world trade?

The United Arab Emirates (UAE) has the second largest and the most diversified economy in the Gulf Cooperation Council (GCC) (...)

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2018-10-09
經濟學刊物

A new deal of cards for emerging markets

The past quarter has been marked by a continued rise in oil prices and capital outflows from emerging markets (...)

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2018-10-09
經濟學刊物

Country Risk assessment map - 3rd quarter 2018

160 countries under the magnifying glass

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2018-10-09
經濟學刊物

Sector risk assessments 3rd quarter 2018

13 major sectors assessed worldwide

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2018-10-09
經濟學刊物

US Trade Protectionism: what are the knock-on effects on global value chains?

While policies to open up trade have been a standard feature since the creation of the World Trade Organization (WTO) in 1995, the 2008-2009 crisis proved a turning point (...)

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2018-09-28
企業刊物

Central & Eastern Europe Insolvencies: Good times come to an end

A favourable economic environment was not enough to reduce company insolvencies in Central and Eastern Europe (CEE). While average GDP growth accelerated to 4.5%, i.e. the highest level in nine years, insolvencies increased by 6.4%.

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2018-09-18
經濟學刊物

Rising political risks cloud outlook for Asian economies

Political risks in Asia have increased, according to Coface’s Political Risk Model (...)

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2018-08-24
企業刊物

Corporate brochure - Coface 2018

For Trade, more than an ambition, our commitment.

Our tagline, For Trade, reflects Coface’s purpose and deep commitment to trade.

We make trade – business – easier.

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2018-08-17
經濟學刊物

Businesses in Greece: finally, a fresh start?

With Greece about to pull out of its third bailout package, signs of economic recovery are multiplying: 2017 was a year marked by the return of positive growth (+1.4%), and - despite weakening growth in the eurozone - Greek GDP growth is expected to be close to 2% in 2018, with Greek households and businesses remaining more optimistic in the first half of the year than in 2017.

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2018-06-29
經濟學刊物

Asia Corporate Payment Survey 2018: Regional giants grapple with rising credit risks

Coface’s 2018 Asia Corporate Payment Survey covers nine economies. Data collection took place during the fourth quarter of 2017, and valid responses were collected from almost 3,000 companies. Respondents in Asia were under pressure to further extend their payment terms (...)

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2018-06-21
經濟學刊物

Barometer country and sector risks barometer Q2 2018

Feels like déjà vu : Rising sovereign spreads in the eurozone, increased protectionism, higher oil prices, capital outflows from major emerging countries.

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2018-06-21
經濟學刊物

Sector risk assessments - 2nd quarter 2018

13 major sectors assessed worldwide

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2018-06-21
經濟學刊物

Country risk assessment map : 2nd quarter 2018 publication

160 countries under the magnifying glass

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2018-06-20
經濟學刊物

Race for market share in Africa: the European pack is catching up with the French breakaway

The loss of French influence is not only attributable to China: other major emerging countries, as well as some European neighbours, have entered the African market.

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2018-06-01
經濟學刊物

Taking stock of global metal sector trends and outlook

The most-widely traded base and ferrous metals have benefitted from a bull market since mid-2016 (...)

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2018-05-24
經濟學刊物

Turkey Payment Survey 2018: Payment terms expand amid positive economic expectations

This is the fi rst corporate payment survey in Turkey aiming at indicating how payment terms stand in different sectors, how companies manage credi t management practices and evaluate future payment experience (...)

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2018-05-23
經濟學刊物

Political Risk in Latin America: Back to the future?

Latin America has experienced a difficult period since 2014. The slump in commodity prices has impacted activity via several channels (...)

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2018-05-14
經濟學刊物

Western Balkans and the European Union: political ties lagging behind economic ones

Despite regional conflicts, the 2007-08 financial crisis, and the 2009-11 eurozone crisis, Western Balkans countries have developed a close economic proximity with the European Union via a number of regional and bilateral agreements. However, due to institutional, economic, and diplomatic obstacles, accession to the EU will be a long process. At the same time, due to the region’s strategic importance and with the reinforcement of membership conditions, accession (or a pre-accession status) is likely to happen – especially as membership would divert the region from other
interested parties (Russia, China).

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2018-04-24
經濟學刊物

Currency Risk in Africa: easing in 2018, but reserves have melted

The exchange rate risk is still relevant on the African continent, as evidenced by the depreciation of the Angolan kwanza by more than 30% since the partial liberalisation of the exchange rate regime in January 2018.

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2018-04-10
經濟學刊物

Country and sector risks barometers Q1-2018 : Beyond the peak of global growth

The leading Western economies continued to perform well during the first quarter of 2018. The United States (US) economy is expected to remain robust this year, with a GDP growth forecast of 2.3%.

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2018-04-10
經濟學刊物

Sector Risk Assessments - 1st quarter 2018

13 MAJOR SECTORS ASSESSED WORLDWIDE

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2018-04-10
經濟學刊物

Country risk assessment map - 1st quarter 2018

160 countries under the magnifying glass

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2018-04-03
經濟學刊物

China Corporate Payment Survey 2018: payment delays increase despite rapid and robust growth

The Chinese economy staged a comeback in 2017. GDP ticked up from 6.7% in 2016 to 6.9% in 2017, favoured by strong demand, as well as loose monetary and fiscal policy settings. As a result, risk managers have become more complacent, both in terms of their economic expectations and their risk management procedures.

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2018-03-29
經濟學刊物

The singularity of political risk in Central and Eastern Europe

With the ongoing wave of elections in the Central and Eastern Europe region, CEE countries are experiencing a key period of change in a context of political risk and economic acceleration (...)

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2018-03-13
經濟學刊物

Clash of the Titans: China’s rise fuels competition with Japan’s interests in Asia

China has undoubtedly modelled itself as the new champion of globalisation. Nowhere is this felt more strongly than in Asia. (...)

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2018-03-07
經濟學刊物

Companies in France: fewer business insolvencies, but still just as many “zombies”

The number of corporate insolvencies in France has continued to decline at the beginning of 2018: -8.3% year-on-year to end of January (...)

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2018-03-06
經濟學刊物

Poland Payment Survey 2018: Payment delays mounting amid robust economic growth

The second edition of Coface’s survey on payment experiences in Poland was carried out in December 2017 (...)

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2018-02-27
經濟學刊物

Mexico Automotive Industry: Headwinds coming from the North

The Mexican automotive industry has experienced strong growth since the signing of the North American Free Trade Agreement (NAFTA) in 1993. (...)

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2018-01-23
經濟學刊物

Sector risk assessments - January 2018

13 major sectors assessed worldwide. Every quarter, Coface reviews the assessments of 13 sectors throughout 24 countries in 6 major regions in the world (representing approximately 85% of global GDP).

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2018-01-22
經濟學刊物

Country risk assessment map - January 2018

160 countries under the magnifying glass. Coface assesses the average credit risk of companies in 160 countries.

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2017-12-20
經濟學刊物

Turkey: Impressive growth but increasing vulnerability to external factors

Turkey’s economy grew substantially during the first three quarters of 2017, surging by 7.4% compared to a year earlier (...)

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2017-12-12
經濟學刊物

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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2017-12-12
經濟學刊物

Infographics - French organic food sector: how can it increase scale without abandoning its original principles?

Strength of organic companies and consumption growing faster than supply

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2017-12-12
經濟學刊物

Infographics - French organic food sector: how can it increase scale without abandoning its original principles?

Strength of organic companies and consumption growing faster than supply

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2017-11-27
經濟學刊物

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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2017-11-24
經濟學刊物

Poland insolvencies Focus: Are restructuring proceedings the remedy?

Business proceedings aimed at insolvencies and restructuring have been on rise in Poland this year.

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2017-11-20
經濟學刊物

The UK automotive sector and Brexit – or, how to slow a rolling industry

The UK automotive industry is entering a dry period. The voices of the main UK industry representatives and their concerns regarding the negative effects of a potential hard Brexit appear to remain unheard (...)

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2017-11-07
經濟學刊物

China-Africa: Will the marriage of convenience last?

Falling in love is easier than staying in love: a tale of unbalanced exchanges and increasing dependency

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2017-11-07
經濟學刊物

Infographics - New chinese ambitions in Sub-saharan Africa

Unbalanced Trade links between China and Africa. Under threat from a potential drop in chinese demand

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2017-10-18
經濟學刊物

Argentina legislative elections: is the continuity of the pro-business direction at stake?

Since Mauricio Macri took office in mid-December 2015, the economy has started to recover

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2017-09-27
經濟學刊物

Are bond markets the new “spare tyre” for corporates in emerging economies?

If the year 2017 is synonymous with a slight economic upturn in the emerging markets, let’s not forget the previous three years were marked by increased corporate risk

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2017-09-26
經濟學刊物

Country and sector risk Barometer Q3 2017 - Global growth recovery: a real or a false start?

For once, the summer proved to be particularly quiet. No major events disrupted the path taken by the world economy.

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2017-09-26
經濟學刊物

Infographics - Sector risk assessments - 3rd Quarter 2017

12 Major sectors assessed worldwide, each quarter, by Coface.

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2017-09-25
經濟學刊物

Country risk assessment map 3rd quarter 2017

Each quarter Coface evaluates 160 countries with a unique methodology.

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2017-09-08
經濟學刊物

Time to address the infrastructure gap in Latin America

During the commodity super-cycle that lasted over a decade, until around 2014, Latin American economies showed robust performance.

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2017-09-07
經濟學刊物

Central and Eastern Europe: Less business insolvencies despite temporary headwinds in the construction sector

Despite some slowdown last year, average GDP growth remained at a solid level of 2.9% in Central and Eastern Europe

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2017-09-07
經濟學刊物

Coface CEE TOP 500 ranking

Automotive and transport is the leading sector in the region CEE

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2017-07-31
經濟學刊物

Latin America: The winners and losers of “Trumponomics”

Political changes in the US have caused uncertainty over the trade policies that could be implemented and the region’s vulnerability to tighter financial conditions. Since Donald Trump’s victory, the currencies of many emerging countries have fallen against the dollar. Mexico’s currency was the most greatly affected in the world, with 19 % depreciation against the USD in 2016 (...)

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2017-07-19
經濟學刊物

Tough funding conditions for GCC corporates: the hidden effect of lower oil prices

Oil prices declined by around 75% between mid- 2014 and January 2016 (...)

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2017-07-10
經濟學刊物

Asia Corporate Payment Survey 2016: tail risks are on the rise

Coface conducts an annual survey to examine corporate payment trends and experiences in eight selected economies(1) in the Asia Pacific (APAC) region. Our corporate payment survey for 2016 showed that non-payment risks escalated on the back of financial stress and a looser approach to credit controls (...)

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2017-07-04
經濟學刊物

A gust of optimism is blowing over the world economy

At the end of the first quarter of 2017, we were wondering whether the timid global economic recovery was a flash in the pan (...)

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2017-07-04
經濟學刊物

Country risk assessment map 2nd quarter 2017

160 countries under the magnifying glass

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2017-06-07
經濟學刊物

In the face of Brexit, are British businesses left to sink or swim?

One year after the “yes” vote for Brexit, seen as traumatic, the time has come for the United Kingdom to accelerate the implementation of its exit from the European Union (EU).

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2017-05-24
經濟學刊物

Russia – from recession to recovery, but to what extent and how fast?

Between 1999 and 2008, Russia’s GDP grew by an average of almost 7% per year. In 2009, the fall in oil prices led to a severe recession (-7.8%).

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2017-05-02
經濟學刊物

Labour shortages in Central and Eastern Europe countries: a growing concern for businesses

Labour markets in the Central and Eastern Europe (CEE) region are continuing to improve.
Unemployment rates have reached the lowest levels ever recorded and most CEE economies are enjoying lower unemployment than the EU average

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2017-05-02
企業刊物

2016 Activity report

2016, working towards the in-depth transformation of our Group. We aim to make Coface the most agile global credit insurance partner in the industry.

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2017-04-21
經濟學刊物

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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2017-03-30
經濟學刊物

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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2017-03-21
經濟學刊物

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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2017-03-21
經濟學刊物

Country risk assessment map - 1st quarter 2017

160 countries under the magnifying glass

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2017-03-20
經濟學刊物

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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2017-03-14
經濟學刊物

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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2017-03-13
經濟學刊物

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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2017-02-03
經濟學刊物

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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2017-01-24
經濟學刊物

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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2017-01-24
經濟學刊物

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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2017-01-12
企業刊物

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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2016-12-20
經濟學刊物

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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2016-12-19
經濟學刊物

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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2016-12-13
經濟學刊物

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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2016-12-13
經濟學刊物

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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2016-11-30
經濟學刊物

Panorama - 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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2016-11-25
經濟學刊物

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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2016-11-25
經濟學刊物

Infographics - Sector risk assessments - 4th Quarter 2016

12 major sectors assessed worldwide

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2016-11-08
經濟學刊物

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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2016-11-07
經濟學刊物

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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2016-10-17
經濟學刊物

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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2016-10-14
經濟學刊物

Country Risk Barometer Q3 2016

Concern again focused on oil prices, the emerging market thermometer

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2016-10-13
經濟學刊物

Country risk assessment map • 3rd quarter 2016

160 countries under the magnifying glass

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2016-09-23
經濟學刊物

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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2016-09-20
經濟學刊物

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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2016-09-16
經濟學刊物

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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2016-09-14
經濟學刊物

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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2016-09-09
經濟學刊物

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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2016-08-31
經濟學刊物

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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2016-08-26
經濟學刊物

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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2016-08-09
經濟學刊物

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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2016-07-18
經濟學刊物

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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2016-07-18
經濟學刊物

Infographics - Sector risk assessments - 2nd quarter 2016

12 major sectors assessed worldwide

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2016-07-13
經濟學刊物

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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2016-07-11
經濟學刊物

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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2016-06-30
經濟學刊物

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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2016-06-29
經濟學刊物

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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2016-06-29
經濟學刊物

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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2016-06-17
經濟學刊物

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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2016-05-31
經濟學刊物

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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2016-05-26
企業刊物

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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2016-05-25
經濟學刊物

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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2016-05-17
經濟學刊物

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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2016-05-09
經濟學刊物

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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2016-04-13
經濟學刊物

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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2016-04-13
經濟學刊物

Infographics: Sector risk assessments • 1st half 2016

12 major sectors assessed worldwide.

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2016-04-13
經濟學刊物

Steel sector: produce at all costs?

Steel producers’ solvency weaker than ever. There is no improvement in sight before 2018.

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2016-03-24
經濟學刊物

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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2016-03-24
經濟學刊物

Country risk assessment Map - 1st Quarter 2016

160 countries under the magnifying glass - Download our worldwide country risk assessment map.

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2016-03-24
經濟學刊物

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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2016-03-16
經濟學刊物

China Corporate Payment Survey: Only a Few Spared

Corporate payment experience in China remained weak in 2015. Chinese firms suffering from overcapacity and low profits have a higher probability of default (...)

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2016-03-02
經濟學刊物

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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2016-02-17
經濟學刊物

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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2016-02-17
經濟學刊物

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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2016-02-09
企業刊物

Consolidated financial statements

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

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2016-01-28
經濟學刊物

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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2015-12-23
經濟學刊物

Lower lira and higher debt: a bad mix for turkish business

During 2015, Turkey’s economy faced several challenges.

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2015-12-14
經濟學刊物

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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2015-12-08
經濟學刊物

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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2015-12-08
經濟學刊物

Barometer sector risks in the world - December 2015

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

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2015-11-24
經濟學刊物

France overview third quarter 2015

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 (...)

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2015-11-16
經濟學刊物

Egypt: slow recovery, structural challenges

Coface estimates that growth will increase to 4.4% for 2015/2016.

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2015-11-03
經濟學刊物

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 (...)

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2015-10-19
經濟學刊物

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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2015-10-15
經濟學刊物

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 (...)

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2015-10-15
經濟學刊物

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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2015-09-18
經濟學刊物

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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2015-09-18
經濟學刊物

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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2015-09-16
經濟學刊物

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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2015-09-09
經濟學刊物

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 (...)

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2015-09-06
經濟學刊物

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

Was the return to growth observed in Europe strong enough to bring about a lasting reduction in business failures?

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2015-09-01
經濟學刊物

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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2015-07-22
經濟學刊物

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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2015-07-17
經濟學刊物

Country risk assessment map - 2nd quarter 2015

Download our country risk map. 160 countries assessed with a unique methodology: Macroeconomic expertise, Business environment and Microeconomic data collected over 70 years of payment experience.

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2015-07-09
企業刊物

2014 Activity report

Registration document 2014 including the Financial report

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2015-06-25
經濟學刊物

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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2015-06-17
經濟學刊物

India: Happy Birthday Mr Prime Minister

The Indian economy is benefitting from rising confidence, but as the BJP still lacks majority in the Upper House of Parliament, potential problems with policy implementation can be considered as a major downside risk.

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2015-06-12
經濟學刊物

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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2015-06-04
經濟學刊物

Central and Eastern Europe: Company Insolvencies barometer June 2015

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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2015-06-01
經濟學刊物

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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2015-06-01
經濟學刊物

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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2015-05-12
經濟學刊物

Morocco: credit opinion survey

Overview of payment practices in Morocco and economic prospects for businesses

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2015-05-11
經濟學刊物

Morocco: the challenge of becoming an emerging economy

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

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2015-04-28
經濟學刊物

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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2015-04-23
經濟學刊物

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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2015-04-23
經濟學刊物

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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2015-04-13
經濟學刊物

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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2015-04-01
經濟學刊物

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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2015-03-23
經濟學刊物

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 (...)

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2015-03-16
經濟學刊物

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. Industry dropped by 3.2% in 2014 and will probably record another negative year in 2015. The year has just started, but it may reserve some negative surprises.

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2015-03-04
經濟學刊物

Panorama China: The Not-So-Calm Year of Sheep

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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2015-03-04
經濟學刊物

Panorama Latin America

Latin America is a major producer of commodities and recent drop in oil prices is impacting countries of the region in different ways. Some of them may benefit from lower international quotation, others are negatively impacted already in the short term and finally a third group could be affected in the medium term only (...)

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2015-02-26
經濟學刊物

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

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

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2015-02-25
經濟學刊物

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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2015-01-27
經濟學刊物

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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2015-01-27
經濟學刊物

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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2015-01-26
經濟學刊物

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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2014-12-18
經濟學刊物

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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2014-12-18
經濟學刊物

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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2014-11-26
經濟學刊物

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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2014-11-20
經濟學刊物

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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2014-10-30
經濟學刊物

Panorama Country Risk

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

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2014-09-25
經濟學刊物

Romania: Will economic growth come back to strong performance?

After five challenging 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 slowdown of the growth in 2014 shows another picture.

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2014-09-23
經濟學刊物

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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2014-09-17
經濟學刊物

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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2014-07-29
企業刊物

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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2014-07-15
經濟學刊物

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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2014-06-25
經濟學刊物

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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2014-06-25
經濟學刊物

Panorama Country - Turkey: What to expect in 2014?

If the tensions rise again as it happened in December and January, this may harm investors’ confidence and result in a fluctuation in forex markets. Such a situation would have a negative impact on the corporate sector’s external debt stock which is already at record high level.

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2014-05-23
經濟學刊物

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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2014-05-21
經濟學刊物

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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2014-05-16
企業刊物

2013 Activity report

The group’s 2013 activity report is available.

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2014-04-15
經濟學刊物

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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2014-03-25
經濟學刊物

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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2014-02-27
經濟學刊物

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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2014-01-21
經濟學刊物

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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2014-01-06
經濟學刊物

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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2013-11-21
經濟學刊物

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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2013-11-20
經濟學刊物

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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2013-10-13
經濟學刊物

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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2013-09-26
經濟學刊物

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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2013-07-15
經濟學刊物

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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2013-07-11
企業刊物

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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2013-06-20
經濟學刊物

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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2013-06-04
經濟學刊物

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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2013-04-18
經濟學刊物

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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2013-03-20
經濟學刊物

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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2013-02-07
經濟學刊物

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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2012-10-15
經濟學刊物

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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2012-04-15
企業刊物

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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