Corporate Partner Coface issue press release
Press Release – May 2014
Insolvencies in Central & Eastern Europe 2013
Companies in the CEE region faced a challenging year in 2013: The already weak economic situation deteriorated and household consumption decreased due to fiscal measures designed to tackle rising budget deficits. Access to credit was further constrained in line with reduced supply and demand for new loans. This situation affected companies directly and fored them to lower their sales targets. Moreover, exports – expected to contribute to GDP growth – suffered from the Eurozone slowdown, where Central and Eastern European economies traditionally conduct most of their foreign trade.
Result: nearly 70,000 companies in the region were insolvent in 2013, an increase of +5% compared with last year. Click here to read the full press release.