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Global economic growth remains tepid and weaker than expected. A ‘new normal’ of structurally lower growth rates in both advanced and emerging markets has become manifest.

International survey of B2B payment behaviour Survey results for Slovakia

Despite the significant amount of time given B2B customers to pay their invoices, a sizeable proportion of the total value of domestic B2B receivables in Turkey (55.2%) was overdue.

In Hungary, late payment of invoices is reflected in the DSO figure, averaging 80 days. This is significantly above the 59 day average for Eastern Europe.

Verwacht wordt dat 2015 een moeilijk jaar wordt voor Oost-Europa. Dit zal waarschijnlijk voor langere tijd voor druk op het zakelijk betalingsgedrag in veel landen in de regio zorgen.

Respondents in the Czech Republic show a relatively stronger preference for selling on credit to domestic than to foreign B2B customers.

The 80 day average DSO recorded in Poland (and Hungary) is the longest of all the countries surveyed in Eastern Europe.

De ICT-markt van de VAE wordt momenteel gekenmerkt door zware concurrentie, krappe marges, lage toetredingsdrempels en een stagnerende groei in subsegmenten.

In 2015 zou het volume van de Nederlandse ICT-sector met 3% moeten groeien, dankzij de algemene economische heropleving in Nederland (het bbp zou met 1,7% moeten groeien).

ICT is een innovatieve sector, met goede groeivooruitzichten, maar de krappe marges, sterke prijserosie en zware concurrentie zorgen echter voor een aanhoudende consolidatietrend.

De ICT sector sector ondervindt over het algemeen hinder van de huidige economische baisse, gecombineerd met hoge rentepercentages, hoge inflatie en aangetaste koopkracht van consumenten.

Voor de Australische IT-markt verwacht men een groot groeipotentieel op middellange termijn.

In combinatie met een verwacht herstel van de Italiaanse economie (tot 0,7%) zou ICT dit jaar een bescheiden groei van 0,6% moeten boeken.

Men verwacht een solide groei die op middellange termijn zou moeten aanhouden; voor 2015-2019 verwacht men een samengestelde jaarlijkse groei van 11,6%.

In de VS, zou de omzet van nieuwe, opkomende productcategorieën moeten verdubbelen in 2015, door een sterke vraag naar 3D-printers, 4K Ultra HD-televisies, ‘connected home’-producten, en ‘wearables’.

Een stabiele vraag vanuit de overheidssector, sterke exportprestaties en financiële transparantie zijn de belangrijkste sterke punten van de Poolse IT-sector.

Net als in 2014 zien de vooruitzichten voor de Franse ICT-sector er redelijk gunstig uit voor 2015; de omzet zou met 2% moeten groeien.

Men verwacht dat de ICT-sector het de komende jaren uitermate goed zal doen in China, op regionaal en internationaal niveau.

An agreement curtailing Iran’s nuclear programme in exchange for the lifting of international sanctions could reopen the Iranian economy to Western exporters, creating opportunities but also risks.

33% of survey respondents in Sweden (compared to 20% in Western Europe) consider a fall in demand for their products and services as one of the greatest challenges to business profitability in 2015.

When asked to indicate the greatest challenge to business profitability in 2015 two in five Greek respondents indicated maintaining adequate cash flow and collection of outstanding invoices.

Respondents in Denmark are the most inclined to use trade credit of all the countries surveyed in Western Europe. 70.5% of the total value of their domestic B2B sales is transacted on credit terms.

31% of survey respondents in Switzerland, compared to 24% in Western Europe overall, consider cost containment to be one of the greatest challenges to business profitability in 2015.

Late payment of domestic and foreign B2B invoices is reflected in the 52 day average DSO figure of French survey respondents (nearly two weeks longer than two years ago).

The 58 day average DSO in Spain appears to be heavily impacted by high delinquency rates. These average 10% of the value of B2B receivables, mainly on the domestic market.

The payment default environment observed in Great Britain suggests businesses are making a strong effort to improve business profitability by managing their receivables portfolios more efficiently.

Consistent with Western Europe overall, one in four survey respondents in Belgium consider cost containment to be one of the biggest challenges to business profitability in 2015.

The strong focus on protection of exports from the risk of payment default by customers comes as no surprise for the Netherlands, whose GDP growth is heavily dependent on international trade.

24% of survey respondents in Austria were concerned about maintaining sufficient cash flow levels. They consider this as one of the greatest challenges to business profitability in 2015.

28% of the respondents in Ireland, compared to 18% in Western Europe, reported that maintaining adequate cash flow is one of the biggest challenges they will be facing in 2015.

Nearly 73% of survey respondents in Italy reported that late payment from domestic B2B customers is mainly attributable to insufficient availability of funds.

We forecast the oil price will start rising in the fourth quarter of 2015 to USD 75 on average in 2016. Discover the impact on sectors and countries across the globe.

Hier blijkt o.a. uit dat nog altijd ca. 40% van de B2B-facturen te laat wordt betaald en dit het economisch herstel vertraagt.

De versnelling van de groei in 2015 zal naar verwachting te danken zijn aan solide particuliere uitgaven en stijgende investeringen en netto-uitvoer.

In 2015, Sweden expects a modest growth in the consumer durables retail segment.

The Chinese retail market remains highly fragmented due to the large population and differences in consumer behaviour and purchasing power across the country.

Retail insolvencies are expected to increase in Canada in 2015, as many businesses ́ profit margins are under pressure and competition is high.

The US economy is expected to grow 3.1 % in 2015, while unemployment is expected to drop to 5.5 %. Together with improving consumer sentiment, those indicators support higher top-line sales growth.

In the UK, consumer confidence and discretionary income have shown significant improvement over the past 12 months. The overall trend in consumer durables retail performance has been an improving one.

The forecast for Spain ́s economy seems to sustain further consumer durables sales in 2015. However, for some segments growth could be lower, given high purchase levels already seen in 2014.

Despite the still fragile situation, in 2014 Dutch retail trade has benefited from higher consumer confidence, economic growth and improved purchasing power.

German consumer durables retail benefits from the country ́s robust economic performance, with household consumption expected to grow 2 % in 2015 after 1.2 % registered in 2014.

Argentina’s economy contracted 1.6% in 2014, and this negative trend is expected to continue in 2015, as exchange and price controls are forcing producers to scale back their activities.

Depreciation of the Euro against the British Pound has made UK products and services less attractive to eurozone buyers.

De lagere basisrentes, een sterke vraag van consumenten/investeerders en overheidsinvesteringen in infrastructuurprojecten zullen naar verwachting in 2015 de economische groei versnellen met 4,4 %.

In 2015 zal de groei naar verwachting licht vertragen (tot 3,8 %) door de lagere grondstoffenprijzen, terwijl een robuuste binnenlandse vraag de groei zou moeten ondersteunen.

Verwacht wordt dat in 2015 de inflatie opnieuw zal dalen en de economische groei zal stijgen tot 2,7 %.

De Braziliaanse economie zal in 2015 naar verwachting met 0,3 % groeien, terwijl de terugkeer naar een conservatiever economisch beleid een negatief effect zal hebben op de groei op korte termijn.

Italian GDP is expected to grow after three years of contraction. Domestic demand is forecast to stabilise as investments and household consumption are expected to accelerate.

Problems remain in the building sectors of most of the countries covered in this issue of the Market Monitor. Consequently, the outlook for the construction industry in 2015 remains muted.