Europe’s factoring turnover stable in 2009

Factoring and invoice finance providers across the EU achieved a turnover of some 827 billion in 2009, representing a decrease of only 1.9 percent on 2008s total, according to European factoring association EUF. This drop occurs in the context of a 4 percent drop in the EUs GDP, and a 3.14 percent drop in the worldwide factoring market, of which Europe comprises almost 70 percent. The UK led the way, achieving a factoring turnover of nearly 194 billion over the year, up 2.2 percent year-on-year and equivalent to more than 10 percent of UK GDP.