EU factoring and commercial finance industry in H1 2015
The EUF’s analysis for the first half of 2015 indicates that the factoring and commercial finance industry has again grown significantly in what is a generally difficult economic climate for the EU28. Data indicates that the turnover grew by over 5% compared tot he same period in the previous year, and that the value exceeded €700m.
As before, the detailed position was mixed, with some economies faring better than others. But the main message continues to be the increasingly visible benefit of access to this flexible working capital funding. It is becoming ever wider known and understood for business from SME to large corporates and it supports the real economy and employment across the region.
Industry growth means that the turnover represents around 10% of EU GDP. As chairman of the EUF Economy and Statistics Committee Diego Tavecchia says, there is still enormous potential: “Although awareness and usage is increasing, this is probably the most important form of funding that has yet to be fully exploited by all stakeholders in the region. Its use represents a great opportunity for business, in particular in those countries where economic recovery is still unsteady.”
John Gielen, independent chairman of the EUF, said: “It is great to see again that despite mixed economic performance in Europe, the industry is continuing to grow and offer an ever increasing level of support to the real wealth generators of the European Union area; whether they be business large or small, all are benefitting.”