Factoring and Commercial Finance grows again, supporting economic expansion in the EU
Final analysis of data collated by the EU Federation for the Factoring and Commercial Finance Industry (EUF) shows that factoring and commercial finance volumes in the EU grew overall in 2016 by 6.2% to €1.5 Trillion.
This rate of growth clearly outpaces the increase in GDP in Europe and again demonstrates 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 in supporting the ongoing recovery.
Around €200Bn of funding is supporting around 180,000 European businesses.
With factoring and commercial finance now representing around 10.4% of EU GDP, this is a powerful and important contribution to EU economic development and success.
Erik Timmermans, Chairman of the EUF, noted: "The continued growth in our Industry demonstrates again the vitally important role it plays in supporting the real economy in Europe. It’s great news for the Industry to be able to support so many European businesses in their development. It’s again critical that legislators and regulators recognize this Industry is a key contributer to wealth creation in Europe.”
Please find the Press release with turnover volumes by country here: