B2B payment practices trends Slovakia 2023

The 2023 Payment Practices Barometer survey for Slovakia was conducted between the end of Q1 and the beginning of Q2 2023. Its findings should therefore be viewed with this in mind.

Key takeaways from the report for Slovakia 

Bad debts in B2B trade trend upwards

• To cushion the impact of customer credit risk on the business, with B2B bad debts trending upwards, 43% of companies polled in Slovakia said they spent more time and resources on chasing unpaid invoices during the past 12 months. These measures were mostly taken within the framework of in-house retention and management of customer credit risk.
• However, 73% of businesses adopting this approach, particularly in the machines sector, reported higher credit management costs affecting their overall cost structure, straining profitability. This may explain why 20% more companies polled than last year, especially in the steel-metals sector, said they preferred strategic credit risk management involving the use of credit insurance.

Cautious optimism amid concern about Eurozone demand

• The heavy focus of thinking among companies polled in Slovakia concerns prospects for their crucial main trading partner, the Eurozone. A currently optimistic outlook is probably why 55% of Slovakian businesses expect an increase in demand and sales during the year ahead. The steel-metals and machines sectors both expressed positivity.
• However, the greatest anxiety reported among Slovakian businesses in our survey is that despite an easing of inflation and ongoing energy price intervention, any continuation of the global economic downturn could weaken demand in the Eurozone and have a strong negative impact on their trading situation.

The Atradius Payment Practices Barometer is an annual survey of business-to-business (B2B) payment practices in markets across the world. Its findings can give valuable insights into the current dynamics of corporate payment behaviour in B2B trade. It can also help companies doing business, or planning to do so, in the markets polled to identify emerging future trends in the payment practices of B2B customers. 

Interested in finding out more?

For a complete overview of the 2023 survey results for Slovakia and Eastern Europe, please download the full report available in the related documents section below. The Statistical Appendix to the regional report is also available for download in the section below.

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