Analytics, Baltic, Estonia, EU – Baltic States, Good for Business, Latvia, Statistics

In 2015, insolvencies dropped in nine of the 13 Central and Eastern European (CEE) countries, covered in the Coface report.

The worst results were recorded in Ukraine and Lithuania where insolvencies spiked 20.8% and 16.3% respectively. In these countries, insolvencies were reported mostly in the commercial, construction and manufacturing sector.

Meanwhile, Romania has seen the most significant improvements as insolvencies there plummeted 49.5% from 2014. Hungary was also among the best performers as it reported a 44.2% drop in insolvencies.

Coface projects conditions for business in CEE countries to remain generally favorable.

“The main driver of our region’s economic growth in 2016 will be the growth of household consumption, which will be fueled by improvements in the labor market and increased consumer confidence,” said Coface CEO for Latvia Arnis Blumentals. He noted, however, global growth has been slowing down, which can impede the growth of exporting enterprises.

Coface posted EUR 1.49 bln in consolidated 2015 turnover. The risk insurer is directly or indirectly represented in 100 countries of the world. Coface provides services to 40,000 companies in more than 200 countries.