NEWS: EU Factoring and Commercial Finance grows 7.9% in 2018
Final analysis of data collated by the EU Federation for the Factoring and Commercial Finance Industry (EUF) shows that in 2018 factoring and commercial finance volumes in the EU grew overall by 7.9% to €1.73 Trillion, 80% of which was domestic business and 20% international.
This rate of growth again clearly outpaces the increase in GDP in Europe and demonstrates clearly the vital role factoring and commercial finance is playing in developing the real economy, providing principally SME businesses with much needed working capital. This success story is about real growth, real employment and demonstrable business success.
Over €240Bn of funding is supporting around 220,000 European businesses.
With factoring and commercial finance now representing around 11% of EU GDP, this is a powerful and important contribution to EU economic development.
“Another year of continued impressive growth in our Industry yet again highlights the increasingly important role we have in financing the real economy right across the European Community. It’s a very satisfying outcome for our Industry members who support so many European businesses in their development and expansion. It also reinforces our message to legislators and regulators that this Industry has a key role to play in delivering European wealth creation. Thanks to these good results, European factoring represents almost 2/3 of the world market and confirms its world leader status ”Mme Françoise Palle-Guillabert, Chairman of the EUF
The EUF is the Representative Body for the Factoring and Commercial Finance Industry in the EU. It comprises national and international industry associations that are active in the region. Its members represent 97% of the Industry turnover.
The EUF seeks to engage with Government and legislators to enhance the availability of finance to business, with a particular emphasis on the SME community. The EUF acts as a platform between the Factoring and Commercial Finance Industry and key legislative decision makers across Europe, bringing together national experts to speak with one voice.
Data has been adjusted to ensure that currency exchange rate fluctuations do not distort the results.