EUF First half 2021 factoring turnover
Gathered data for European factoring market for IH 2021 has shown again year on year increase of 10.7% for European countries, comparing to 6.0% decrease after IH 2020, the year of the crisis and the lockdowns. Total factoring turnover for European countries reached €953 billion euro comparing to €854 billion euro in IH 2020.
Graph 1. Turnover by country IH 2021
The increase in factoring turnover was higher than GDP yearly change of 7.7%. But factoring remains clearly connected to the GDP in Europe. The European factoring, that represents 2/3 of the world market, amounts to 11% of the EU GDP.
Graph 2. Trends of factoring turnover growth and European GDP growth
The trends differ between countries. In almost all countries the increase of factoring y/y is higher than country’s GDP change. Only in Spain, Portugal and Norway the GDP had higher yearly increase than factoring turnover.
Mrs Françoise Palle-Guillabert, chairman of the EUF, noted: ” Whole European factoring market responded positively to economic trends in the first half of 2021. After a one year of drop due to the international Covid-19 pandemic, it again recorded an increase. More than ever, the factoring industry, that finances 260,000 businesses in EU mostly SMEs, has a key role to play in supporting economic recovery, employment and wealth creation in Europe”.