Factoring Market in Russia Ranked No. 1 in European Countries
OREANDA-NEWS. June 19, 2013. The latest statistics data from FCI, the international factoring association, indicate the growth of the factoring market volume worldwide by 8 % in 2012 if compared with 2011.
At present it amounts to 2.8 trillion US dollars. Upon the whole, the factoring market is better functioning in the conditions of the global economic decline than the financial and insurance economic sectors. It should be noted that the internal factoring share in the global aggregate turnover totals to 76 % (the international factoring share corresponds to 24 %). At this the growth rate of the latter is considerably higher: in 2012 the growth with respect to the international transactions equaled to 28.3 %, as per the internal transactions – to 9.3 %.
The Russian market is ranked No. 1 according to the growth rate in the European countries, leaving behind the markets of Luxembourg and Estonia in Top 3.
Corneliu Robu, NFC’s Deputy Chairman of the Management Board, commented: “The growth and development forecasts for the year 2012 worked well: the factoring market growth according to the results of 2012 allowed Russia entering European Top-10. The factoring share in the Russian GDP within the last year increased from 1.6 % to 2.25 % at the average global indicator of 6.1 %. Having this growth rate preserved in the future, we will be ahead of our closest competitors in the rating – the Netherlands and Belgium – as soon as the next year”.
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