Novinky a publikácie

Čo je nové

12. 09. 2019
Ekonomické publikácie

Všetky publikácie Coface

08. 10. 2018
Ekonomické publikácie

Sector risk assessments 3rd quarter 2018

13 major sectors assessed worldwide

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07. 10. 2018
Ekonomické publikácie

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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28. 09. 2018
Ekonomické publikácie

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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17. 09. 2018
Ekonomické publikácie

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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05. 09. 2018
Ekonomické publikácie

Coface CEE TOP 500 Companies - 2018 Edition

Analyses show a strong and expanding CEE region with decreasing risks in 2017, which also translated into higher revenues and net profits at the region’s 500 largest businesses. Competition at the top is getting more intense.

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05. 09. 2018
Ekonomické publikácie

Coface Adriatic/Balkan Top 50 - 2018 Edition

Last year saw solid economic activity in the Adriatic/Balkan region. However, this did not apply to all countries. The largest companies in the region took advantage from the economic growth and grew themselves by an impressive 17.0%, with Slovenian companies profiting the most (+22.6%). However, in the country ranking, Croatia took the lead as the home country for most companies (17). Overall net profits increased by 6.7% in 2017 and employment by 2.0%.

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05. 09. 2018
Ekonomické publikácie

Coface Baltic Top 50 - 2018 Edition

In 2017, the Baltic States benefited from a rebound in external demand. All countries recorded a high growth rate of exports. However, the ongoing increase in household consumption and a revival of investments made domestic demand the main driving force of these economies. The results of the largest companies in the region underline this positive economic development. Overall turnover increased by 9.8%. Net profits likewise developed well, posting a rise of 25.3% for all top 50 companies.

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29. 06. 2018
Ekonomické publikácie

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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20. 06. 2018
Ekonomické publikácie

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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01. 06. 2018
Ekonomické publikácie

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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24. 05. 2018
Ekonomické publikácie

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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23. 05. 2018
Ekonomické publikácie

Political Risk in Latin America: Back to the future?

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

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14. 05. 2018
Ekonomické publikácie

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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24. 04. 2018
Ekonomické publikácie

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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10. 04. 2018
Ekonomické publikácie

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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10. 04. 2018
Ekonomické publikácie

SECTOR RISK ASSESSMENTS - 1st quarter 2018

13 MAJOR SECTORS ASSESSED WORLDWIDE

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10. 04. 2018
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Country risk assessment map - 1st quarter 2018

160 countries under the magnifying glass

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10. 04. 2018
Ekonomické publikácie

Infographics - New mediterranean trade routes

More intra-mediterranean agreements. New bilateral trade flows are emerging

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10. 04. 2018
Ekonomické publikácie

The new Mediterranean trade routes

Integration is slowly declining in the mediterranean. Nevertheless, new trade routes have opened.

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03. 04. 2018
Ekonomické publikácie

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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29. 03. 2018
Ekonomické publikácie

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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07. 03. 2018
Ekonomické publikácie

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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06. 03. 2018
Ekonomické publikácie

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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27. 02. 2018
Ekonomické publikácie

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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20. 12. 2017
Ekonomické publikácie

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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12. 12. 2017
Ekonomické publikácie

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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12. 12. 2017
Ekonomické publikácie

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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27. 11. 2017
Ekonomické publikácie

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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24. 11. 2017
Ekonomické publikácie

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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20. 11. 2017
Ekonomické publikácie

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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07. 11. 2017
Ekonomické publikácie

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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07. 11. 2017
Ekonomické publikácie

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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27. 09. 2017
Ekonomické publikácie

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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27. 09. 2017
Ekonomické publikácie

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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26. 09. 2017
Ekonomické publikácie

Infographic - Sector Risk Assessments - 3rd Quarter 2017

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

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25. 09. 2017
Ekonomické publikácie

Country risk assessment map 3rd quarter 2017

Each quarter Coface evaluates 160 countries with a unique methodology.

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08. 09. 2017
Ekonomické publikácie

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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07. 09. 2017
Ekonomické publikácie

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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31. 08. 2017
Ekonomické publikácie

Coface CEE Top 500 spoločností 2017

Top 500 CEE je rebríček 500 najväčších spoločností v regióne podľa obratu. Títo špičkoví hráči zvýšili svoj obrat o 4,2% na takmer 593 miliárd EUR pri náraste zamestnanosti o 0,5%.

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07. 06. 2017
Ekonomické publikácie

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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24. 05. 2017
Ekonomické publikácie

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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16. 05. 2017
Ekonomické publikácie

UAE payments survey : slight payment delays expected, due to slower growth

Through the initiative of Coface, a world leader in trade credit management and risk information services, a credit opinion survey across the UAE was rolled out in order to map out major shifts and prevailing trends in company payments.

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02. 05. 2017
Ekonomické publikácie

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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21. 03. 2017
Ekonomické publikácie

Country risk assessment map - 1st quarter 2017

160 countries under the magnifying glass

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20. 03. 2017
Ekonomické publikácie

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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08. 02. 2017
Firemné publikácie

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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31. 01. 2017
Ekonomické publikácie

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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24. 01. 2017
Ekonomické publikácie

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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13. 12. 2016
Ekonomické publikácie

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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13. 12. 2016
Ekonomické publikácie

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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09. 12. 2016
Ekonomické publikácie

Infographics - Sector risk assessments - 4th Quarter 2016

12 major sectors assessed worldwide

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02. 12. 2016
Ekonomické publikácie

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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25. 11. 2016
Ekonomické publikácie

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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07. 11. 2016
Ekonomické publikácie

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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17. 10. 2016
Ekonomické publikácie

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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14. 10. 2016
Ekonomické publikácie

Country Risk Barometer Q3 2016

Concern again focused on oil prices,the emerging market thermometer

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13. 10. 2016
Ekonomické publikácie

Country risk assessment map • 3rd quarter 2016

160 countries under the magnifying glass

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16. 09. 2016
Ekonomické publikácie

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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14. 09. 2016
Ekonomické publikácie

Panorama France : Growth Takes a Time-Out

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

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09. 09. 2016
Ekonomické publikácie

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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31. 08. 2016
Ekonomické publikácie

Coface CEE Top 500 Companies - 2016 edition

The CEE Top 500 ranks the 500 biggest companies in the region by turnover. These top players increased their turnover by 4.2% to nearly 593 billion EUR and enlarged their staff by 0.5%.

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31. 08. 2016
Ekonomické publikácie

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

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

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26. 08. 2016
Ekonomické publikácie

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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09. 08. 2016
Ekonomické publikácie

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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19. 07. 2016
Ekonomické publikácie

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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18. 07. 2016
Ekonomické publikácie

Infografics - Sector risk assessments - 2nd quarter 2016

12 major sectors assessed worldwide

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13. 07. 2016
Ekonomické publikácie

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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29. 06. 2016
Ekonomické publikácie

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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29. 06. 2016
Ekonomické publikácie

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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29. 06. 2016
Ekonomické publikácie

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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17. 06. 2016
Ekonomické publikácie

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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08. 06. 2016
Firemné publikácie

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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31. 05. 2016
Ekonomické publikácie

Asia Corporate payment survey

Coface conducts an annual survey to examine corporate payment trends and experiences in 8 selected economies in the Asia Pacific region.

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25. 05. 2016
Ekonomické publikácie

France

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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17. 05. 2016
Ekonomické publikácie

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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09. 05. 2016
Ekonomické publikácie

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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19. 04. 2016
Ekonomické publikácie

Steel sector: produce at all costs ?

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

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18. 04. 2016
Ekonomické publikácie

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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24. 03. 2016
Ekonomické publikácie

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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24. 03. 2016
Ekonomické publikácie

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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17. 03. 2016
Ekonomické publikácie

Iran: sharp turn ahead, drive carefully

After five years of sanctions, Iran is finally to rejoin the global community. The return of Iran should have an effect on international growth through the oïl channel but above all, will bring huge changes to Iran itself. International sanctions have impacted the Iranian economy. Two consecutive years of negative growth and runaway inflation have tested Iran’s resistance model to its limit. The lifting of the EU embargo will allow Iran to revive its oil sector and return to the global market. The country is perceived as a new Eldorado, with its 78 million potential consumers.

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17. 03. 2016
Ekonomické publikácie

China Corporate payment survey

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

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08. 03. 2016
Ekonomické publikácie

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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22. 02. 2016
Ekonomické publikácie

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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21. 02. 2016
Ekonomické publikácie

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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26. 01. 2016
Ekonomické publikácie

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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23. 12. 2015
Firemné publikácie

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

During 2015, Turkey’s economy faced several challenges

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22. 12. 2015
Ekonomické publikácie

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

Private consumption has become the main driving force for the economy

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18. 12. 2015
Ekonomické publikácie

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

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

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17. 12. 2015
Ekonomické publikácie

Barometer sector risks in the world - December 2015

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

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01. 12. 2015
Ekonomické publikácie

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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24. 11. 2015
Firemné publikácie

Egypt: slow recovery, structural challenges

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

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06. 11. 2015
Ekonomické publikácie

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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19. 10. 2015
Ekonomické publikácie

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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15. 10. 2015
Ekonomické publikácie

Barometer sector risks in the world - October 2015

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

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14. 10. 2015
Ekonomické publikácie

A brighter picture for European photovoltaic energy?

European photovoltaic (PV) energy developed rapidly starting in 2010, thanks to national and European subsidies promoting its establishment in the energy landscape. But the increase in production capacity rapidly pushed down prices in a context of increased competition from China and a downturn in European business conditions.

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18. 09. 2015
Ekonomické publikácie

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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18. 09. 2015
Ekonomické publikácie

Country Risk Barometer Q3 2015

For the fourth consecutive year, global growth will fail to exceed 3%. At the beginning of the year however, this target did not appear unattainable.

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10. 09. 2015
Ekonomické publikácie

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

In this first overview of company insolvencies in Europe, Coface examines the following question: Was the return to growth observed in Europe strong enough to bring about a lasting reduction in business failures? For 10 out of the 12 Western European countries studied, the answer is «yes».

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09. 09. 2015
Ekonomické publikácie

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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21. 08. 2015
Ekonomické publikácie

Coface CEE Top 500 Companies

The year 2014 was finally one without a major disaster. After years of recession and ongoing difficulties, the development was positive. There is finally an improvement – not as strong as economists hoped for, but stable. Global growth in 2014 was a modest 3.4%, reflecting a pickup in growth in advanced economies relative to the previous year and a slowdown in emerging market and developing economies. The Eurozone – the most important trading partner for most countries in CEE – increased by 0.8%.
The positive economic development was reflected in declining unemployment rates in the region. This was mirrored by the Top 500 players as well as they increased their staff by 1.7%. Overall 4.2% of the total labour force in the region is employed by the companies of the CEE Top 500.

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22. 07. 2015
Ekonomické publikácie

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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21. 07. 2015
Firemné publikácie

2014 Activity report

Registration document 2014 including the Financial report

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17. 07. 2015
Ekonomické publikácie

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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22. 06. 2015
Ekonomické publikácie

Global Country Risk Outlook June 2015

In this panorama, we first set out a study examining the economic situation and outlook for Sub-Saharan Africa. We are also publishing our quarterly barometer of worldwide trends in country risk.

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06. 06. 2015
Ekonomické publikácie

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

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01. 06. 2015
Ekonomické publikácie

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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26. 05. 2015
Ekonomické publikácie

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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26. 05. 2015
Ekonomické publikácie

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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12. 05. 2015
Ekonomické publikácie

Morocco: credit opinion survey

Overview of payment practices in Morocco and economic prospects for businesses

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11. 05. 2015
Ekonomické publikácie

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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29. 04. 2015
Ekonomické publikácie

Panorama: What we see in the Asia Pacific region

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

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15. 04. 2015
Ekonomické publikácie

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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13. 04. 2015
Ekonomické publikácie

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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26. 03. 2015
Ekonomické publikácie

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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23. 03. 2015
Ekonomické publikácie

Panorama Overview of Czech Republic

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

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10. 03. 2015
Ekonomické publikácie

Panorama China Payment Survey

Coface conducts an annual survey of payment experience in China. With 80% of the survey respond-ents shared overdue experience and 56.7% of them saw an increase in overdue amount over the past year, the overall payment experience in China remained very challenging in 2014. This is in-line with the non-performing loan (NPL) figures released by the China Banking Regulatory Commission, which showed that NPL ratio has reached a multi-year high of 1.25% as of the end of 2014. The risk of rising non-payment cannot be neglected.
China’s 7.4%YoY GDP growth in 2014 was the lowest growth rate in the last 24 years, and momentum is on a downtrend (Coface forecasts GDP to grow 7% in 2015). At the same time, the real economy in China is facing rising challenges in 3 major areas: 1) high leverage; 2) high cost of financ-ing, 3) low profitability driven by overcapacities in certain sectors. While monetary easing measures are introduced to smooth out the growth deceleration process, if the additional low-cost funding is not delivered to the parties that need and deserve it, the main purposes of such monetary easing measures are likely going to be defeated, and further concerns on credit pressure would be in sight.

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10. 03. 2015
Ekonomické publikácie

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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10. 02. 2015
Ekonomické publikácie

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 so-called "Arab Spring" late in 2010? Have social and economic demands of protesters resulted in a healthier economic outlook in these countries?

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22. 01. 2015
Ekonomické publikácie

Panorama LATAM: Growth picking up at countries of Pacific

Three decades ago Latin America used to be known by negative terms such as dictatorship, debt crises and high inflation. The region's GDP increased by an annual average of only 1.5% in the 1980s. One decade later the rate rose to 2.4% and finally achieved 4.2% between 2003 and 2013. Over the years Latam has begun to be associated with economic growth, new middle class, poverty reduction and controlled inflation.

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21. 01. 2015
Ekonomické publikácie

Panorama Poland construction sector

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

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06. 11. 2014
Ekonomické publikácie

Panorama Poland insolvencies

Panorama Poland insolvencies

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03. 11. 2014
Ekonomické publikácie

Panorama Country Risk - World Trade: a Sluggish Spell?

This panorama first contains a study on World Trade. World trade stagnated in the first halfyear 2014 and is struggling to recover nearly 6 years after the start of crisis. This is a radical change in trend after 30 years of unprecedented expansion: World exports are today 10 times higher than in 1980. Even during the past decade, marked by the 2008-2009 crisis, exports increased two and a half times. This raises the following question: is the slowdown in international trade since 2008 only a cyclical phenomenon or does it rather correspond to a lasting structural change?

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15. 10. 2014
Ekonomické publikácie

Country Essentials 2014

Stručný prehľad ekonomických ukazovateľov 18 krajín strednej a východnej Európy: Country Essentials od Coface

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24. 09. 2014
Ekonomické publikácie

European airlines: forced to change

The single European Union (EU) market for air transport was formed only in 1997. Since then, the traditional airlines have had to compete with low-cost carriers on their short and medium-haul flights. But now, new competition has been developing even more rapidly with regard to long-haul flights: the Gulf carriers. Their traffic, capacity and profitability are expanding more rapidly than in any other region of the world. And, because they have been unable to acquire new air traffic rights, they have stepped up their acquisition of stakes in EU carriers. At a time when it seems vital to tap into Asia's growth potential, European carriers have been hit by this aggressive competition and are among the least profitable in the world. There is much to be learned from the changes observed on the US internal market, liberalised since 1978. Increase profitability, tap into demand where it exists and do better than the new entrants – these are the three main challenges faced by Europe's major, traditional players. Are we seeing the start of a new wave of consolidation like that which occurred in the United States?

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22. 09. 2014
Ekonomické publikácie

September Panorama

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

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17. 09. 2014
Ekonomické publikácie

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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29. 07. 2014
Ekonomické publikácie

Coface Baltic Top 50 2014

Coface is publishing its second edition of the Baltic Top 50. Figures for 2013 show the continuing recovery of the Baltic states. The total turnover of the top players in the North increased by 2.2% to EUR 36.2 billion. Whereas net profits fell from 2011 to 2012, companies have now reported a sharp rise of 54.6%.

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24. 07. 2014
Ekonomické publikácie

Coface Adriatic/Balkan Top 50 2014

Coface publishes its 3rd edition of the Adriatic/Balkan Top 50. The economic problems of the region in the last few years have taken their toll on the top players: Total turnover declined by 1.2% to EUR 39 billion, and profits decreased dramatically by almost 16% to EUR 702 million.

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10. 07. 2014
Ekonomické publikácie

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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25. 06. 2014
Ekonomické publikácie

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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25. 06. 2014
Ekonomické publikácie

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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15. 04. 2014
Ekonomické publikácie

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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10. 04. 2014
Ekonomické publikácie

CEE Insolvencies 2013

This Panorama is the second issue of annual publications focused on insolvency trends in Central and Eastern European countries (CEE). It contains the results of a study on insolvencies among the CEE economies, a region experiencing a sharp rise in the rate of insolvencies in many countries during 2013 (e.g. up 39% in Bulgaria and 32% in the Czech Republic).

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25. 03. 2014
Ekonomické publikácie

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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28. 01. 2014
Ekonomické publikácie

Panorama China : What to expect in 2014

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

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21. 11. 2013
Ekonomické publikácie

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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13. 10. 2013
Ekonomické publikácie

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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01. 10. 2013
Ekonomické publikácie

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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15. 07. 2013
Ekonomické publikácie

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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11. 07. 2013
Firemné publikácie

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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20. 06. 2013
Ekonomické publikácie

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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04. 06. 2013
Ekonomické publikácie

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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20. 03. 2013
Ekonomické publikácie

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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07. 02. 2013
Ekonomické publikácie

2013 Coface Country Risk Conference

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

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10. 12. 2012
Ekonomické publikácie

Switzerland: economy is bending

Investors have made it one of their favourite havens during this period of recurrent crises, from global finance to sovereign debt in the eurozone. Proverbial political stability, sound management of public finances, a complex but attractive tax system, many very innovative small businesses and a flexible labour market. Not forgetting, of course, a renowned financial market, making it a major player on the international scene in wealth management activities. These are strengths which sometimes turn into weaknesses.

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18. 10. 2012
Ekonomické publikácie

United States: SMEs the backbone of the economy?

When public sector job creation runs out of steam, eyes turn to the private sector, which alone seems able to offer a solid basis for recovery in the months to come through investment and the hiring of workers.

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18. 10. 2012
Ekonomické publikácie

India: Economic slowdown

The Indian economic engine is sputtering but continues to run: it suffers from persistent bottlenecks that the country and its companies have to contend in order to grow.

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15. 10. 2012
Ekonomické publikácie

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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11. 10. 2012
Ekonomické publikácie

Why are there less companies insolvencies in Germany?

Although the overall number of insolvencies continues to decline (-1.8% between September 2011 and August 2012), the summer of 2012 confirms the trend that began last Spring with an important growth in their cost (+17%) and a correlative increase in unemployment (+3.3%). The barometer presented in this panorama analyses this development, principally caused by the difficulties of larger French companies. A list is also given of the riskier sectors, those where risks are deteriorating and those which have been relatively spared.

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15. 04. 2012
Firemné publikácie

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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08. 03. 2012
Ekonomické publikácie

Main lessons drawn from the Coface Country Risk Conference 2012 in Paris

Like at the beginning of each year, Coface organized its 16th conference in Paris on 16 January 2012, which has become the flagship event in the field of country risk, one of its main areas of expertise. An exercise, particularly challenging for 2012.

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10. 11. 2011
Ekonomické publikácie

Special report: Italy / Credit insurance

Italy’s economy – the third-largest in the euro zone – is well diversified. Yet the country is currently at the centre of the debt crisis plaguing the single currency zone. Of course, many of the economy’s fundamentals appear sound. The budget deficit did not deteriorate significantly during the crisis, the growth in industrial added-value and a niche strategy help to limit the trade deficit, and household indebtedness is relatively low. But the deterioration in the country’s economic growth potential due to structural weaknesses and the crushing weight of the public-sector debt in a very uncertain international environment are all cause for concern. Given the vast size of this debt and the fact that it is widely held by the European banking sectors, a default by the Italian government would have incalculable consequences on the euro zone’s future. However, the recent formation of a government of experts led by Mario Monti, an economist and former European Commissioner, provides some reassurance of rigour which is a step in the right direction.

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03. 11. 2011
Ekonomické publikácie

Agrofood industry

After their surge in 2007/2008, prices for farm raw materials began to soar again in June 2010, affecting foodstuff prices worldwide with particularly sharp increases in emerging countries. No other asset class registered jumps in prices as spectacular as those recorded by some farm raw materials with grain prices skyrocketing 36% year-on-year through August. Sugar prices also soared, up 50%. Prices for meat (beef, mutton, chicken) and dairy products rose over 15%. The price increase for rice was more modest with that commodity not traded on the futures market and only a small fraction of its production traded internationally.

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10. 02. 2011
Ekonomické publikácie

Main lessons from the 2011 Country Risk Conference held in Paris

Worldwide growth should be robust in 2011. But how can we analyse its driving forces and risks? Between the United States, where the recovery is hiding the weaknesses of an economic model that is overly based on debt, Europe, weakened by its heavy public debt and eroded competitiveness, and the emerging countries whose dynamism is continuing but needs to find new balances, decision-makers more than ever need reliable decryption and analyses to find their way.

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