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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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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Country Risk assessment map - 3rd quarter 2018

160 countries under the magnifying glass

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Sector risk assessments 3rd quarter 2018

13 major sectors assessed worldwide

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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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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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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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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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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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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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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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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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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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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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SECTOR RISK ASSESSMENTS - 1st quarter 2018

13 MAJOR SECTORS ASSESSED WORLDWIDE

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Country risk assessment map - 1st quarter 2018

160 countries under the magnifying glass

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The new Mediterranean trade routes

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

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Infographics - New mediterranean trade routes

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

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Registration document 2017

Registration document including the Financial report.

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Coface handbook: Country & Sector risks 2018

Download the Coface handbook about Country & Sector risks 2018. Tools for identifying, assessing and monitoring the risks businesses are facing.

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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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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 75% of global GDP).

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

he 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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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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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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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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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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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 in the (...)

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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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Country risk assessment map 2nd quarter 2017

160 countries under the magnifying glass

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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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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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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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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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REGISTRATION DOCUMENT 2016

Registration document 2016 including the annual financial report

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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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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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Country risk assessment map - 1st quarter 2017

160 countries under the magnifying glass

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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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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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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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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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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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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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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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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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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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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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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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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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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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Country Risk Barometer Q3 2016

Concern again focused on oil prices,the emerging market thermometer

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Country risk assessment map • 3rd quarter 2016

160 countries under the magnifying glass

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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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Morocco: The economy is slowing down; payment periods are getting longer

s 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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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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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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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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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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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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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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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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Infografics - Sector risk assessments - 2nd quarter 2016

12 major sectors assessed worldwide

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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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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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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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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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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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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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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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2015 Activity report

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

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France

Enfin le vrai départ ? C’est la question qui se pose après un début d’année 2016 marqué par une série d’indicateurs favorables pour l’économie française.

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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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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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Registration document 2015

Registration document 2015 including the annual financial report

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Steel sector: produce at all costs?

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

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Corporate Social Responsibility

Coface’s environnemental, social and governance action plan

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Infografics: Sector risk assessments • 1st half 2016

12 major sectors assessed worldwide.

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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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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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Country risk assessment Map - 1st Quarter 2016

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

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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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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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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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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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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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Consolidated financial statements

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

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

During 2015, Turkey’s economy faced several challenges.

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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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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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Barometer sector risks in the world - December 2015

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

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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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Egypt: slow recovery, structural challenges

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

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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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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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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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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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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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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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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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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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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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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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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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2014 Activity report

Registration document 2014 including the Financial report

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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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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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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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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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Morocco: credit opinion survey

Overview of payment practices in Morocco and economic prospects for businesses

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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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Registration document 2014

Registration document 2014 (french language only)

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Consolidated financial statements

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

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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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2013 Activity report

The group’s 2013 activity report is available. Besides elements on 2013 performance, the report contains general information about Coface, missions, governance, businesses, offer and analysis of the world macroeconomic situation.

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Which emerging countries will take over from the BRICS?

This panorama first includes a study dealing with new emerging markets. 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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