France recorded a rather disappointing growth rate in Q1 of 2010, but improves the companies liquidity, coupled with a restoration of margins and operating profits
The confidence of the business sector in the domestic economy rose by 3.4 points in aApril, and is now 14 points above its lowest level of April 2009.
Late payments increased 28% in Finland. However, for the rest of the year Crédito y Caución expects overall insolvency decrease to continue.
Since the beginning of 2010 the median expected default have shown a robust improving downward trend, but the default risk levels are still significantly higher than previous years.
The recovery in industrial production remains fragile, not least because business loans have decreased substantially. Credit managers expect business loan conditions to relax in Q2.
Export recovery has gathered speed, but private consumption is acting as a brake. Payment problems are higher in retail, construction, transport, and the public sectors.
The Expected Default Frequency is at the lowest level in 18 months, but Crédito y Caución expects corporate insolvencies to increase by up to 5% this year, compared to 2009.
2010 will be a better year for Mexico, with a expected grow between 3% and 5.5%, thanks to the strong rebound of US economic performance, domestic consumption and investment.
The Expected Default Frequency in the US has dropped to 1,3%, but smaller businesses are still finding it a challenge to secure or maintain financing at least on terms that are competitive.
Our monthly analysis show that economic recovery continues its upward trend, with all the countries reviewed expecting higher growth in 2010 than had been forecast at the end of last year.
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